HUD has now completed the updating of the Multifamily Rental Project closing documents. This publication of the documents concludes the notice and comment processes required by the Paperwork Reduction Act, and the Office of Management and Budget has assigned the documents an OMB control number. The final versions of the documents are now available on HUDclips.
The official versions on HUDclips are to be used in closing transactions and they are form fillable (Microsoft Word versions).
Use of the final approved closing documents, now be available on HUDclips, are mandatory with respect to Multifamily mortgage loans for which HUD issues a firm commitment for mortgage insurance on or after September 1, 2011.
This website provides the documents in redline/strikeout form so that industry and interested members of the public can see the final changes made in response to public comment to the December 22, 2010, notice. A few documents did not have major changes following public comment and redlined versions were not made for them.
The final rule amending certain regulations to correspond to changes in the Multifamily closing documents is published in the May 2, 2011, Federal Register. HUD also published a notice in the May 2, 2011, Federal Register that announced HUD’s completion of the updating of the Multifamily rental project closing documents and summarized key changes made to the documents in response to public comment.