HUD 24 CFR PART 266-2011 HOUSING FINANCE AGENCY RISK-SHARING PROGRAM FOR INSURED AFFORDABLE MULTIFAMILY PROJECT LOANS《受保可负担多户项目贷款的住房金融机构风险共担程序》.pdf

1、517 Office of Assistant Secretary for Housing, HUD Pt. 266 including but not limited to false docu-mentation, FHA shall inform the mort-gagor, in writing or any other accept-able format, of such fact. (b) The notice shall be sent to the mortgagors last known address by both certified and ordinary ma

2、il. The notice shall state with specificity the misrepresentation or false statement made by the mortgagor. The notice shall include a request for repayment of the Direct Financial Benefit that the mortgagor is deemed to have re-ceived, as determined by FHA, by the refinancing of the eligible mortga

3、ge and subordinate mortgages. This does not preclude HUD or the United States from bringing any other action that they may be authorized to bring. (c) The mortgagor may request a hearing before a Hearing Officer. The hearing will be conducted in accord-ance with the provisions of 24 CFR part 26, sub

4、part A, except as modified by this section. Requests for a hearing must be made within 45 days from the date of the false information notice. 257.403 Prohibitions on interested parties in insured mortgage trans-action. (a) A mortgage lender, mortgage broker, mortgage banker, real estate broker, appr

5、aisal management com-pany or employee thereof, and any per-son with an interest in a real estate transaction involving an appraisal con-ducted as part of the process for insur-ing a mortgage under section 257 of the Act shall not improperly influence or attempt to improperly influence through any me

6、ans, including but not limited to coercion, extortion, collu-sion, compensation, instruction, in-ducement, intimidation, nonpayment for services rendered, or bribery, the development, reporting, result, or re-view of a real estate appraisal sought in connection with the origination, processing, and

7、closing of the mortgage for insurance. (b) HUD may, pursuant to its author-ity under section 536(a) of the Act, bring an action to impose a civil money penalty for a violation of para-graph (a) of this section. (c) The authority to bring a civil money penalty under this section shall not preclude HU

8、D from bringing any other action that HUD may be author-ized to bring for a violation of para-graph (a) of this section. 257.405 Mortgagees. (a) HUD will monitor mortgagees to ensure compliance with the require-ments of the H4H program. The Mort-gagee Review Board at HUD is author-ized to impose san

9、ctions and civil money penalties against mortgagees who violates program requirements under this part. The authority of the Mortgagee Review Board to impose sanctions and civil penalties shall not preclude HUD from bringing any other action that HUD may be authorized to bring. (b) Nonpayment of mort

10、gage insur-ance claims for reasons established in 257.16 shall not preclude the Mort-gagee Review Board or HUD from bringing any action against the mort-gagee that the Mortgagee Review Board or HUD are authorized to bring. (c) The mortgagee may request a hearing before a Hearing Officer. The hearing

11、 will be conducted in accord-ance with the provisions of 24 CFR part 26, subpart A, except as modified by this section. Requests for a hearing must be made within 45 days from the date of the false information notice. PART 266HOUSING FINANCE AGENCY RISK-SHARING PRO-GRAM FOR INSURED AFFORD-ABLE MULTI

12、FAMILY PROJECT LOANS Subpart AGeneral Provisions Sec. 266.1 Purpose and scope. 266.5 Definitions. 266.10 Allocations of assistance and credit subsidy. 266.15 Risk-Sharing Agreement. 266.20 Effect of amendments. 266.25 Limitation on HUD insurance liabil-ity. 266.30 Nonapplicability of 24 CFR part 246

13、. Subpart BHousing Finance Agency Requirements 266.100 Qualified housing finance agency (HFA). 266.105 Application requirements. 266.110 Reserve requirements. 266.115 Program monitoring and evaluation. VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00527 Fmt 8010 Sfmt 8010 Y:SGML223078.X

14、XX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-518 24 CFR Ch. II (4111 Edition) 266.1 266.120 Actions for which sanctions may be imposed. 266.125 Scope and nature of sanctions. 266.130 Reinsurance. Su

15、bpart CProgram Requirements 266.200 Eligible projects. 266.205 Ineligible projects. 266.210 HUD-retained review functions. 266.215 Functions delegated by HUD to HFAs. 266.220 Nondiscrimination in housing and employment. 266.225 Labor standards. Subpart DProcessing, Development, and Approval 266.300

16、HFAs accepting 50 percent or more of risk. 266.305 HFAs accepting less than 50 percent of risk. 266.310 Insurance of advances or insurance upon completion; applicability of re-quirements. 266.315 Recordkeeping requirements. Subpart EMortgage and Closing Requirements; HUD Endorsement 266.400 Property

17、 requirementsreal estate. 266.402 Recordation. 266.405 Title. 266.410 Mortgage provisions. 266.415 Mortgage lien and other obligations. 266.417 Authority to adjust mortgage insur-ance amount. 266.420 Closing and endorsement by the Commissioner. Subpart FProject Management and Servicing 266.500 Gener

18、al. 266.505 Regulatory agreement requirements. 266.507 Maintenance requirements. 266.510 HFA responsibilities. 266.515 Record retention. 266.520 Program monitoring and compli-ance. Subpart GContract Rights and Obligations MORTGAGE INSURANCE PREMIUMS 266.600 Mortgage insurance premium: Insur-ance upo

19、n completion. 266.602 Mortgage insurance premium: In-sured advances. 266.604 Mortgage insurance premium: Other requirements. 266.606 Mortgage insurance premium: Dura-tion and method of paying. 266.608 Mortgage insurance premium: Pro rata refund. 266.610 Method of payment of mortgage in-surance premi

20、ums. INSURANCE ENDORSEMENT 266.612 Insurance endorsement. ASSIGNMENTS 266.616 Transfer of partial interest under participation agreement. TERMINATION 266.620 Termination of Contract of Insur-ance. 266.622 Notice and date of termination by the Commissioner. CLAIM PROCEDURES 266.626 Notice of default

21、and filing an insur-ance claim. 266.628 Initial claim payments. 266.630 Partial payment of claims. 266.632 Withdrawal of claim. 266.634 Reinstatement of the contract of in-surance. 266.636 Insuring new loans for defaulted projects. 266.638 Issuance of HFA Debenture. 266.640 Foreclosure and acquisiti

22、on. 266.642 Appraisals. 266.644 Application for final claim settle-ment. 266.646 Determining the amount of loss. 266.648 Items included in total loss. 266.650 Items deducted from total loss. 266.652 Determining share of loss. 266.654 Final claim settlement and HFA De-benture redemption. 266.656 Reco

23、very of costs after final claim settlement. 266.658 Program monitoring and compli-ance. AUTHORITY: 12 U.S.C. 1707; 42 U.S.C. 3535(d). SOURCE: 59 FR 62524, Dec. 5, 1994, unless otherwise noted. Subpart AGeneral Provisions 266.1 Purpose and scope. (a) Authority and scope. (1) Section 542 of the Housin

24、g and Community Devel-opment Act of 1992 directs the Sec-retary of the Department of Housing and Urban Development, acting through the Federal Housing Adminis-tration, to carry out programs that will demonstrate the effectiveness of providing new forms of Federal credit enhancement for multifamily l

25、oans. Section 542, entitled, Multifamily VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00528 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-519 Office of

26、Assistant Secretary for Housing, HUD 266.5 Mortgage Credit Demonstrations, pro-vides new independent insurance au-thority that is not under the National Housing Act. (2) Section 542(c) of the Housing and Community Development Act of 1992 specifically directs the Secretary to carry out a pilot progra

27、m of risk-shar-ing with qualified State and local hous-ing finance agencies (HFAs). The quali-fied HFAs are authorized to underwrite and process loans. HUD will provide full mortgage insurance on affordable multifamily housing projects processed by such HFAs under this program. Through risk-sharing

28、agreements with HUD, HFAs contract to reimburse HUD for a portion of the loss from any de-faults that occur while HUD insurance is in force. (3) The extent to which HUD will di-rect qualified HFAs regarding their un-derwriting standards and loan terms and conditions is related to the propor-tion of

29、the risk taken by an HFA. (b) Purpose. The primary purpose of this pilot program is to test the effec-tiveness of providing new forms of credit enhancement for multifamily loans, i.e., utilization of full insurance by HUD, pursuant to risk-sharing agreements with qualified housing fi-nance agencies,

30、 for the development of affordable housing. The utilization of Federal credit enhancements should in-crease access to capital markets and, thereby, increase the supply of afford-able multifamily housing. By permit-ting HFAs to underwrite, process, and service loans and to manage and dis-pose of prop

31、erties that fall into default, HUD expects affordable housing to be made available to eligible families and individuals in a timely manner. 266.5 Definitions. Act means the Housing and Commu-nity Development Act of 1992, as amended. Affordable housing means a project in which 20 percent or more of t

32、he units are both rent-restricted and occupied by families whose income is 50 percent or less of the area median income as determined by HUD, with adjustments for household size, or in which 40 per-cent (25 percent in New York City) or more of the units are both rent-re-stricted and occupied by fami

33、lies whose income is 60 percent or less of the area median income as determined by HUD, with adjustments for house-hold size. A residential unit is rent-re-stricted if the gross rent with respect to such unit does not exceed 30 percent of the imputed income limitation ap-plicable to such unit. Board

34、 and Care/Assisted Living Facility means a residential facility for inde-pendent living that is regulated by State or local government that pro-vides continuous protective oversight and assistance with the activities of daily living to frail elderly persons or other persons needing such assistance.

35、Continuous protective oversight may range from as little as awareness on the part of management staff of resi-dents whereabouts (and the ability to intervene in the event of crisis) to a higher level of services and assistance. Assistance with the activities of daily living may include, but is not l

36、imited to, bathing, dressing, eating, getting in and out of bed or chairs, walking, going outdoors, using the toilet, laundry, home management, meal preparation, shopping, supervision of medication, and housework. Commissioner means the Federal Housing Commissioner or his or her au-thorized represen

37、tative. Contract of insurance means the agreement evidenced by the endorse-ment of the Commissioner upon the credit instrument given in connection with an insured mortgage, incor-porating by reference the regulations in this part and the applicable provi-sions of the Act. Credit subsidy means the co

38、st of a di-rect loan or loan guarantee under the Federal Credit Reform Act of 1990 as defined in subpart B of title 13 of the Omnibus Budget Reconciliation Act of 1990 (Pub.L. 101-508, approved Nov. 5, 1990). Debenture means the instrument issued by the HFA to HUD upon pay-ment of an insurance claim

39、 by HUD. The instrument must be in the stand-ard form of a State or Municipal De-benture issued under the Uniform Com-mercial Code, where applicable, and must be supported by the full faith and credit of the HFA. The instrument must define the terms and conditions and the risk-sharing portion which

40、the VerDate Mar2010 10:21 May 10, 2011 Jkt 223078 PO 00000 Frm 00529 Fmt 8010 Sfmt 8010 Y:SGML223078.XXX 223078WReier-Aviles on DSKGBLS3C1PROD with CFRProvided by IHSNot for ResaleNo reproduction or networking permitted without license from IHS-,-,-520 24 CFR Ch. II (4111 Edition) 266.5 HFA will pay

41、 at the end of the term of the Debenture, and must be for the full amount of the claim payment. The term Debenture may include similar in-struments, such as promissory notes and bonds, as mutually agreed upon by the Commissioner and the HFA. Designated offices means the HUD Field Offices that are as

42、signed the re-sponsibility for program monitoring, imposing or recommending sanctions for program violations, and conducting informal hearings. Firm approval letter means a letter issued by HUD to an HFA upon the positive completion of the HUD-re-tained reviews described in 266.210. The letter will

43、apportion units to the project and provide that, so long as the HFA is in good standing and absent fraud or misrepresentation by the HFA, HUD will endorse the project mortgage for insurance upon presen-tation by the HFA of the required Clos-ing Docket and certifications required by this part and the

44、 Commissioners administrative requirements. Gross rent includes any utility allow-ance (including charges for the occu-pancy of a cooperative unit) deter-mined by the Secretary after taking into account such determination under section 8 of the U.S. Housing Act of 1937 (42 U.S.C. 1437f). It does not

45、 in-clude any payment under section 8 or any comparable rental assistance pro-gram (with respect to such unit or oc-cupants thereof), nor does it include any fee for a supportive service that is paid to the owner of the unit (on the basis of the low-income status of the tenant of the unit) by any go

46、vern-mental program of assistance (or by an organization described in section 501(c)(3) of the Internal Revenue Code (26 U.S.C. 501(c)(3) and exempt from tax under section 501(a) of the Code (26 U.S.C. 501(a) if such program (or orga-nization) provides assistance for rent and the amount of assistanc

47、e provided for rent is not separable from the amount of assistance provided for sup-portive services. It also does not in-clude any rental payment to the owner of the unit to the extent such owner pays an equivalent amount to the Farmers Home Administration under section 515 of the Housing Act of 19

48、49 (42 U.S.C. 1485). Housing finance agency or HFA means any public body, agency, or instrumen-tality created by a specific act of a State legislature or local municipality empowered to finance activities de-signed to provide housing and related facilities, through land acquisition, construction or

49、rehabilitation. The term State includes the several States, Puerto Rico, the District of Columbia, Guam, the Trust Territory of the Pa-cific Islands, American Samoa and the Virgin Islands. Insured mortgage means a valid single first lien given to secure advances on, or the unpaid purchase price of, real es-tate, under the laws of the State in which the real estate is located, to-gether with the credit instrument, if any, secured thereby. Any other fi-nancing permi