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Multifamily Rental Project Closing Documents:

 

Pursuant to the Paperwork Reduction Act (“PRA”), HUD is finalizing its renewal of the FHA multifamily rental project closing documents (“Closing Documents) that were placed into use in 2011.  On October 29, 2013, HUD published a 60-day notice in the Federal Register (78 Fed. Reg. 64524), including a link to this URL for the public to access the relevant documents.  Similarly, HUD has now published in the Federal Register a 30-day notice with a link to this URL, which contains the additional redline changes to the Closing Documents made subsequent to the expiration of the 60-day notice and HUD’s receipt of public comments.  The 30-day notice concludes the notice and comment process required by the PRA. Following is a link to the 30-day Federal Register notice:  http://www.gpo.gov/fdsys/pkg/FR-2014-04-01/pdf/2014-07271.pdf.

This website provides the documents in redline/strikeout comparison form so that industry participants and interested members of the public can review the HUD-initiated proposed changes to certain documents previously published in connection with the 60-day notice, which the Department made based on its experience working with the documents since their adoption in 2011.  Additionally, this website also contains cumulative redline versions of the documents reflecting both the changes proposed by HUD and those made primarily in response comments received pursuant to the 60-day notice. 

In the event interested members of the public would like to provide further comment on these documents, please note that HUD will only consider proposed changes that are submitted in narrative and/or bulleted form, accompanied by a detailed explanation and rationale for each requested change.  When absolutely necessary, commenters may include in their narrative or bullet points the relevant excerpt(s) from the document(s) with redlines/strikeouts, accompanied with a detailed explanation and rationale for the edits. In accordance with the 30-day Federal Register notice, the deadline for comments is May 1, 2014.

The official version of the required Closing Documents that must be used for FHA multifamily rental project closings  will be available at HUD’s Forms Resources webpage:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/forms/

NOTE:  Participants must use the Closing Documents provided on the HUDClips link provided above; the documents published below are not to be used for any closings—this posting is for the limited purpose of satisfying PRA notification requirements. 

Closing Documents 
   Name 60-Day Redline(or “Unrevised") 30-Day Redline(or “Unrevised") 30-Day Clean
 - Security Instrument (HUD-94000M) Redline               Redline           Clean       
 - Note (HUD-94001M) Redline  Redline Clean
 - Regulatory Agreement (HUD-92466M) Redline  Redline Clean 
 - Lender’s Certificate (HUD-92434M) Redline  Redline Clean 
 - Request for Endorsement of Credit Instrument (HUD-92455M) Redline  Redline Clean
 - Building Loan Agreement (HUD-92441M) Redline  Redline Clean 
 - Supp. to Building Loan Agreement (HUD-92441M-SUPP) Unrevised Unrevised  
 - Construction Contract (HUD-92442M) Redline Unrevised  
 - Supp. to Construction Contract (HUD-92554M) Unrevised Unrevised  
 - Opinion of Borrower’s Counsel (HUD-91725M) Redline Redline Clean 
 - Instructions to Opinion (HUD-91725M-INST) Redline Unrevised  
 - Exhibit A to Opinion  Certification of Borrower (HUD-91275M-CERT) Unrevised Unrevised  
 - Borrower’s Oath (HUD-92478M) Redline Unrevised  
 - Consolidated Certifications – Borrower (HUD-91070M) New Ducument Redline  Clean
 - Subordination Agreement (HUD-92420M) Unrevised Redline  Clean 
 - Agreement and Certification (HUD-93305M) Redline Redline Clean
 - Request for Final Endorsement of Credit Instrument (HUD-92023M) Unrevised Redline Clean
 - Lease Addendum (HUD-92070M) Unrevised Unrevised  
 - HUD Survey Instructions and Surveyor’s Report (HUD-91073M) Redline Redline (to 60 day-version) Clean
 - HUD Amendment to AIA Document B108 (HUD-92408-M) Unrevised Unrevised  
 - Completion Assurance Agreement (HUD-92450M) Unrevised Unrevised  
 - Payment Bond (HUD-92452A-M) Unrevised Unrevised  
 - Performance Bond – Dual Obligee (HUD-92452M) Unrevised Unrevised  
 - Bond Guaranteeing Sponsors’ Performance (HUD-92477M) Unrevised Unrevised  
 - Off-Site Bond – Dual Obligee (HUD-92479M)     Unrevised Unrevised  
 - Escrow Agreement for Incomplete Construction (HUD-92456M) Unrevised Unrevised  
 - Escrow Agreement for Off-site Facilities (HUD-91071M) New Document Redline Clean
 - Escrow Agreement for Operating Deficits (HUD-92476a-M) Unrevised Unrevised  
 - Escrow Agreement for Latent Defects (HUD-92414M) Unrevised Unrevised  
 - Escrow Agreement for Non-critical, Deferred Repairs (HUD-92476.1M) Redline Redline Clean
 - Escrow Agreement for Working Capital (HUD-92412M) Unrevised Unrevised  
 - Agreement of Sponsor to Furnish Additional Funds (HUD-92476M) Unrevised Unrevised  
 - Request for Approval of Advance of Escrow Funds (HUD-92464M) Unrevised Unrevised  
 - Residual Receipts Note (Nonprofit Borrowers) (HUD-91710M) Unrevised Unrevised  
 - Residual Receipts Note (Limited Dividend Borrowers) (HUD-91712M) Unrevised Unrevised  
 - Surplus Cash Note (HUD-92223M) Redline Redline Clean
Want More Information?
HUD's Office of General Counsel (OGC) answers Frequently Asked Questions about Multifamily Closing Documents.