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Mark to Market for Participating Administrative Entities

The Participating Administrative Entities' (PAEs') Portfolio Restructuring Agreement (PRA) and its related documentation are available in pdf format and can be downloaded below. The most recent Amendment to the PRA was produced in March 2007 (listed below):

 -   Original Portfolio restructuring agreement
 -   Exhibit 4: Public base fees and other reimbursables
 -   Exhibit 5: Performance incentive fees
 -   Exhibit 6: Public entity indemnification
 -   February 2009 Amendment (zipped file)
 -   February 2008 Amendment (zipped file)
 -   March 2007 Amendment (zipped file)
 -   June 2006 Amendment (zipped file)
 -   January 2006 Amendment (zipped file)
 -   September 2005 Amendment (zipped file)
 -   March 2005 Amendment (zipped file)
 -   September 2004 Amendment (zipped file)
 -   March 2004 Amendment (zipped file)
 -   June 2003 Amendment (zipped file)
 -   January 2003 Amendment -Bonds (zipped file)

The PAEs play a central role. They are responsible for administering the Mark to Market (M2M) program at the project level and for coordinating processing of the restructuring commitment with FHA underwriting guidelines if a Section 223(a)(7) or other type of FHA insured loan is used to facilitate the restructuring transaction. Their duties include eligibility screening, data collection and due diligence, underwriting, responding to appeals, managing the closing process, and engaging in certain post-closing asset management activities.

PAEs have been selected by HUD through a qualifying process, which drew upon state and local housing finance agencies and for-profit and nonprofit entities with experience in multifamily housing finance. Comments, questions and concerns should be discussed with the project’s PAE.

Public Participating Administrative Entities

Public PAEs are comprised of state and local housing finance agencies selected in January 1999 upon completing the qualifying process. A copy of the Portfolio Restructuring Agreement (PRA) can be downloaded above.

Non Public Participating Administrative Entities

Non public PAEs are nonprofit and for-profit entities contracted by the Office of Multifamily Housing Programs (MFH) to perform restructuring on eligible properties in the states not within the state and local housing finance agencies' authorized jurisdictions. Eligible Non Public PAEs are contracted by MFH after a bidding process for eligible M2M property assignments. Scroll down for a list of all the contracted PAEs. A copy of the Portfolio Restructuring Agreement (PRA) can be downloaded above.


 -   Frequently asked questions regarding Conflict of Interest (COI)
 -   The Final Report on Compliance Audits and Agreed-Upon Procedures Reviews of Participating Administrative Entities is now available in pdf and Word format (March 31, 2004)



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