In order to meet one of the three elementary goals of the Mark-to-Market (M2M) program - the physical preservation of affordable housing stock - OAHP has developed an initiative to closely monitor the progress and completion of agreed upon rehabilitation projects for restructured properties. The Rehabilitation Escrow Administration Tracking "REAT" initiative was implemented in August 2003. The goals of the REAT program are to create a dialog between Escrow Administrators, OAHP and other stakeholders; to track progress of repairs; to identify hurdles and obstacles to completion; and to determine the existence and cause of problem situations prohibiting completion and to develop a timely resolution.
Below is a summary of major guidance and resources regarding OAHP Rehabilitation Escrows and the REAT initiative. Questions should be directed to: Dao Vuong, Acting REAT Manager of OAHP's New York Preservation Office.
Documentation and Guidance
- Rehab Escrow Account Titling and Funds Investment Options (December 11, 2006)
- OAHP and Ginnie Mae Requirements for Rehab Escrow Deposit Accounts (December 11, 2006)
- Considering Prior Rehab Escrow Performance During Current Underwriting (October 18, 1005)
- Updated Comprehensive Guidance for Rehab Escrow Administrators (September 19, 2005)
- Rehab Escrow File Retention, Archival, and Disposition Policy (September 13, 2005): Policy described the requirements placed on REA, OAHP, and the Federal Records Center.
- OAHP's Rehab Escrow Tracking and Default Procedures/Process (May 3, 2005): Memo provides an outline for implementing the policy entitled "Mark-to-Market Rehabilitation Escrow Completion" (May 10, 2004).
- Comprehensive Guidance for Rehab Escrow Administrators (October 29, 2004)
- Rehabilitation Escrow Administration Tracking "REAT" (August 14, 2003): Introduction and process overview of Rehabilitation Escrow Administration Tracking initiative.
- Additional Guidance for Rehab Escrow Administration and Modification Requests (November 12, 2003): Guidance on requesting Rehabilitation Deposit Escrow Agreement modification and transferring excess rehabilitation escrow funds.
- Mark-to-Market Rehabilitation Escrow Completion (May 10, 2004): Memo from Hank Williams and Beverly Miller regarding potential corrective actions with the owner and/or manager for failure to complete rehabilitation on schedule.
- REAT Addition to the Resource Desk - Online Reporting of Rehab Escrow Status (May 7, 2004): Introduction of web-based data collection tool and mandatory reporting requirements for Rehabilitation Escrow Administrators.
- Rehabilitation Escrow Administration Tracking Additional Guidance (June 8, 2004): Release of the updated Form 9.10/9.11 and guidance regarding escrowed funds, including handling of excess funds and fund shortfalls, escrow account maintenance, closing out an escrow account and identifying owners with delinquent escrows with additional properties in active restructuring.
- Operating Procedures Guide - Chapter 9
- Form 9.10 - OAHP REAT Multi-Purpose Form
- Form 9.11 - OAHP REAT Multi-Purpose Form - Documentation of Stakeholder Opinion
- Form 9.12 - OAHP REAT Close-Out Form