4350.6

Table of Contents

Paragraph Page

Chapter 1. General

1-1. Introduction. . . . . . . . . . . . . . . . . . .1-1

1-2. Authority. . . . . . . . . . . . . . . . . . . . 1-1

1-3. Purpose. . . . . . . . . . . . . . . . . . . . . 1-2

1-4. Revisions to Section 250(b) and (c). . . . . . . 1-2

1-5. This Handbook covers. . . . . . . . . . . . . . .1-3

1-6. Exceptions. . . . . . . . . . . . . . . . . . . .1-3

1-7. Objectives. . . . . . . . . . . . . . . . . . . .1-4

1-8. Preemption of State and Local Laws. . . . . . . .1-4

1-9. Delegated Responsibility to State Agencies. . . .1-4

1-10. Consultation with Other Interested Parties. . . .1-7

1-11. Maintenance of Tenant Income Profiles. . . . . . 1-9

1-12. Waivers. . . . . . . . . . . . . . . . . . . . . 1-10

1-13. Maintain a Log. . . . . . . . . . . . . . . . . .1-10

1-14. Timelines. . . . . . . . . . . . . . . . . . . . 1-10

1-15. Definitions. . . . . . . . . . . . . . . . . . . 1-10

Chapter 2. Eligibility

2-1. Purpose. . . . . . . . . . . . . . . . . . . . . 2-1

2-2. Eligible Low-Income Housing. . . . . . . . . . . 2-1

2-3. Ineligibility Due to Default Under the

Mortgage. . . . . . . . . . . . . . . . . . . . .2-3

2-4. Ineligibility Due to Use Restrictions. . . . . . 2-4

2-5. Projects Governed by Section 250(a). . . . . . . 2-5

2-6. Projects Governed by neither Title VI nor Section

250(a). . . . . . . . . . . . . . . . . . . . . .2-6

2-7. Transition Provisions for Those Who Filed Title II

Notices of Intent. . . . . . . . . . . . . . . . 2-6

Chapter 3. Initial Notice of Intent

3-1. Purpose. . . . . . . . . . . . . . . . . . . . . 3-1

3-2. Submission. . . . . . . . . . . . . . . . . . . .3-1

3-3. Content. . . . . . . . . . . . . . . . . . . . . 3-1

3-4. Findings. . . . . . . . . . . . . . . . . . . . .3-2

3-5. Posting of the Initial Notice of Intent

(NOI). . . . . . . . . . . . . . . . . . . . . . 3-2

3-6. Processing the Initial Notice of Intent. . . . . 3-3

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4350.6

Chapter 4. Processing Initial Notices of Intent to

Terminate Affordability Restrictions

4-1. Purpose. . . . . . . . . . . . . . . . . . . . . 4-1

4-2. Action Upon Receipt of an Initial NOI. . . . . . 4-1

4-3. Loan Management Staff sends Information to the

Owner. . . . . . . . . . . . . . . . . . . . . . 4-2

4-4. Information to Tenant Representatives and State

and Local Governments. . . . . . . . . . . . . . 4-2

4-5. Information to Tenants. . . . . . . . . . . . . .4-2

4-6. Submission and Evaluation of Plans of Action. . .4-3

Chapter 5. Processing Initial Notices of Intent to Extend

Affordability Restrictions by Retention or Sale

5-1. Purpose. . . . . . . . . . . . . . . . . . . . 5-1

5-2. Windfall Profits Test. . . . . . . . . . . . . . 5-1

5-3. Submission of the Initial NOI to Housing Programs

Branch. . . . . . . . . . . . . . . . . . . . . .5-2

5-4. Information to Owners Who Requested

Incentives. . . . . . . . . . . . . . . . . . . .5-3

5-5. Information to Tenants. . . . . . . . . . . . . .5-4

5-6. Information to State and Local Governments. . . .5-5

5-7. Capital Needs Assessment. . . . . . . . . . . . .5-5

5-8. Submission of Appraisals. . . . . . . . . . . . .5-5

5-9. Reconciliation of Appraisals. . . . . . . . . . .5-7

5-10. Third Appraisal. . . . . . . . . . . . . . . . . 5-8

5-11. Sending Information to Owners. . . . . . . . . . 5-10

5-12. Calculating Figures from Appraisal Data. . . . . 5-10

Chapter 6. Owner\'s Options

6-1 Introduction. . . . . . . . . . . . . . . . . . .6-1

6-2. Owner\'s Initial Notice of Intent was to Terminate

Affordability. . . . . . . . . . . . . . . . . . 6-1

6-3. Owner\'s Initial Notice of Intent was to Extend

Affordability Restrictions. . . . . . . . . . . .6-1

6-4. Sale of the Project. . . . . . . . . . . . . . . 6-3

6-5. If the owner changes its mind. . . . . . . . . . 6-3

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Chapter 7. Second Notice of Intent, Voluntary and

Mandatory Sales

7-1. Introduction. 7-1

7-2. Review for Accuracy. 7-1

7-3. Notification to Qualified Purchasers. 7-1

7-4. Attempt to Sell the Project. 7-5

7-5. Expression of Interest. 7-6

7-6. Information from HUD: 7-7

7-7. Bona Fide and Other Offers. 7-8

7-8. Receipt and Acceptance of an Offer. 7-11

7-9. HUD\'s Determination of Acceptability of

Offer. 7-13

7-10. Final Acceptance of the Contract of

Sale. 7-13

7-11. Submission of a Plan of Action. 7-14

7-12. Failure to Consummate Sales

Transactions. 7-14

7-13. Acceptance of Subsequent Offers. 7-15

7-14. If there is no Purchase of the Project. 7-15

7-15. Termination of Low-Income Affordability

Restrictions Due to Not Closing the Sale. 7-17

Chapter 8. PLANS OF ACTION

Section A. General

8-1. Purpose. 8-1

8-2. Categories of Plans of Action and

Organization of the Chapter. 8-1

8-3. Submission of Plans of Action. 8-3

8-4. Failure to Submit a Plan of Action. 8-6

8-5. The Contents of All Plans of Action. 8-6

8-6. HUD Action upon Receipt of a Plan of

Action. 8-7

8-7. State and Local Agency Responsibility. 8-11

8-8. Deficiencies in the Plan of Action. 8-11

8-9. Revisions. 8-12

8-10. Retention of Materials. 8-14

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4350.6-CHG.1

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Section B.

Plans of Action to Terminate Low-Income Affordability

Restrictions

8-11. Timeframe for Submission of a Plan of

Action. 8-15

8-12. Contents of Plans of Action Requesting to

Terminate Low-Income Affordability

Restrictions. 8-15

8-13. Review of Plans of Action to Terminate

Low-Income Affordability Restrictions. 8-17

8-14. Loan Management Review. 8-23

8-15. If the Plan of Action is approved. 8-24

Section C.

Plans of Action to Extend Low-Income Affordability

Restrictions

8-16. Timeframe for Submission of Plan of

Action (POA). 8-25

8-17. Contents of Plans of Action. 8-25

8-18. Reviewing POAs to Extend Low-Income

Affordability Restrictions. 8-34

Section D.

Incentives to Retain the Project

8-19. Contents of Plans of Action. 8-42

8-20. Escrow Requirements. 8-43

Section E.

Voluntary or Mandatory Sale of the Project Other

than for Sale to Resident Councils

8-21. Contents of Plan of Action. 8-44

8-22. Grants to Reduce Preservation Project

Rent. 8-49

8-23. Headquarters Review of Grants. 8-50

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1/93 iv

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4350.6-CHG.1

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Section F.

Final Decision and Action on the Plan of Action

8-24. Delegation of Authority. 8-51

8-25. Timeframes for Final Approval. 8-51

8-26. Plan of Action Approval. 8-52

8-27. Updating the Tenant Profile. 8-53

8-28. Notifications of Approval of a POA. 8-53

8-29. Submissions to HUD Headquarters. 8-54

8-30. Extension of Low-Income Affordability

Restrictions. 8-57

8-31. Permissible Prepayment for Those Filing a

Plan of Action to Extend Low-Income

Affordability Restrictions. 8-57

Section G.

Implementation of a Plan of Action

8-32. Effective Date. 8-60

8-33. Failure to Consummate Sales

Transactions. 8-60

8-34. Plan of Action Expenses. 8-60

8-35. Retroactive Incentives for Delayed POA

Approval. 8-61

8-36. Distribution of the POA. 8-61

8-37. Provision of Incentives. 8-61

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v 1/93

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Table of Contents

Paragraph Page

Chapter 9: Resident Homeownership Program

9-1 Purpose\...\...\...\...\...\...\...\...\...\...\...\...\...\.... 9-1

9-2 Forms of Homeownership\...\...\...\...\...\...\...\...\.... 9-3

9-3 The Role of the Resident Initiatives

Specialist (RIS)\...\...\...\...\...\...\...\...\...\..... 9-9

9-4 Organizational of and Assistance to

Resident Councils (RCs)\...\...\...\...\...\...\...\.... 9-10

9-5 The RC is responsible for\...\...\...\...\...\...\...\.... 9-15

9-6 Offer to Purchase\...\...\...\...\...\...\...\...\...\...\... 9-16

9-7 Seller Financing\...\...\...\...\...\...\...\...\...\...\.... 9-19

9-8 Notification to New Tenants\...\...\...\...\...\...\..... 9-19

9-9 Financial Assistance\...\...\...\...\...\...\...\...\...\... 9-19

9-10 Submission of the Resident Homeownership

Plan of Action (RHP)\...\...\...\...\...\...\...\...\.... 9-22

9-11 Required Review of the RHP\...\...\...\...\...\...\...\... 9-22

9-12 Required Conditions of a RHP\...\...\...\...\...\...\.... 9-22

9-13 Required Elements of a Resident Homeownership

Program\...\...\...\...\...\...\...\...\...\...\...\...\..... 9-34

9-14 Approval of a Resident Homeownership Program\...\... 9-43

9-15 Headquarters Review of the Required Conditions

of a RHP\...\...\...\...\...\...\...\...\...\...\...\...\.... 9-43

9-16 Grant and Use Agreements\...\...\...\...\...\...\...\..... 9-44

9-17 Phase-In Period for Sales\...\...\...\...\...\...\...\.... 9-45

9-18 Introduction\...\...\...\...\...\...\...\...\...\...\...\..... 9-48

9-19 The Resident Initiatives Specialist (RIS)\...\...\... 9-48

9-20 Organization and Responsibilities\...\...\...\...\..... 9-48

9-21 Offer to Purchase\...\...\...\...\...\...\...\...\...\...\... 9-50

9-22 Receipt and Acceptance of an Offer\...\...\...\...\.... 9-50

9-23 Notification to New Tenants\...\...\...\...\...\...\..... 9-51

9-24 Submission and Review of a Limited Equity

Cooperative Plan of Action (LEP)\...\...\...\...\.... 9-51

9-25 Request for Incentives\...\...\...\...\...\...\...\...\.... 9-51

9-26 Components of a Resident Homeownership

Program\...\...\...\...\...\...\...\...\...\...\...\...\..... 9-53

9-27 Membership Fees from Initial Members\...\...\...\..... 9-55

9-28 Resale of Memberships\...\...\...\...\...\...\...\...\..... 9-57

9-29 Transfer Value\...\...\...\...\...\...\...\...\...\...\...\... 9-57

9-30 Subsequent Members Payment of Membership

Fees\...\...\...\...\...\...\...\...\...\...\...\...\...\..... 9-58

9-31 Final Actions and Implementation of a LEP\...\...\... 9-59

9-32 Other Requirements\...\...\...\...\...\...\...\...\...\..... 9-59

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4350.6-CHG.3

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9-33 Monitoring\...\...\...\...\...\...\...\...\...\...\...\...\....
9-59

9-34 Protection of Nonpurchasing Families\...\...\...\..... 9-60

9-35 Restrictions on Resale by Homeowners\...\...\...\..... 9-64

9-36 Initial Homeowner\'s Promissory Note\...\...\...\...\... 9-65

9-37 Subsequent Homeowner\'s Promissory Note\...\...\...\... 9-71

9-38 Payment of Residual Proceeds\...\...\...\...\...\...\.... 9-77

9-39 Housing Standards: Inspections\...\...\...\...\...\.... 9-78

9-40 Section 8 Rental Assistance\...\...\...\...\...\...\..... 9-78

9-41 Promissory Note\...\...\...\...\...\...\...\...\...\...\..... 9-78

9-42 Audits\...\...\...\...\...\...\...\...\...\...\...\...\...\.....
9-78

9-43 Reports\...\...\...\...\...\...\...\...\...\...\...\...\...\....
9-79

9-44 Tenant Selection Procedures\...\...\...\...\...\...\..... 9-81

Chapters 1 through 6 issued April 10, 1992

Chapters 7 and 8 issued January 7, 1993

Chapters 10 and 11 issued October 8, 1993

Chapter 12 ELIHPA Plans of Action Reserved

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Chapter 10. Prepaid Projects

10-1. Introduction 10-1

10-2. Approval of a POA to Terminate

the Low-Income Affordability

Restrictions 10-1

10-3. Relocation of Involuntarily

Displaced Tenants Under

Permissible Prepayment 10-3

10-4. Mandatory Continued Occupancy

for Permissible Prepayment 10-6

10-5. Relocation Expenses for

Permissible Prepayment 10-8

10-6. Section 8 Assistance for

Permissible Prepayment 10-10

10-7. Applicability of the Uniform

Relocation Act (URA) 10-11

10-8. Provisions of the Use

Agreement 10-11

Chapter 11. Servicing a Project after Expansion

of the Use Agreement

Section A.

Introduction and Actions Required After Approval

of a Plan of Action to Prepay

11-1. Introduction 11-1

11-2. Actions After Prepayment Approval 11-1

Section B.

Projects in Which Low-Income Affordability

Restrictions Have Been Extended

11-3. Monitoring Projects After Approval

of a Plan of Action (POA) to Extend

Low-Income Affordability

Restrictions Through Retention

or Sale 11-4

11-4. Tenant Income Profile 11-4

11-5. Availability of Section 8

Rental Assistance to Tenants 11-6

11-6. Total Tenant Payment for Moderate

Income Tenants 11-9

11-7. Determination of Project Rent,

General Project Rent Increases

and Section 8 Contract and Gross

Rents 11-10

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10/93

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11-8 Tenant Rents 11-14

11-9. Tenant Leases 11-20

11-10. Receipt and Distribution of

Project Funds 11-21

11-11. Non-Renewal of Section 8 LMSA

Contract and Permissible

Prepayment 11-25

11-12. Designation of a Low-Vacancy

Area 11-26

11-13. Violations of the Housing

Quality Standards (HQS) or Use

Agreement and Amended Regulatory

Agreement 11-27

11-14. Sale by a Priority Purchaser to a

Non-Priority Purchaser 11-31

11-15. Partially Assisted Projects 11-32

11-16. Projects with Commercial Space 11-33

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APPENDICES

Appendix 1-1A Timeline When Owner Extends Affordability

Restrictions

Appendix 1-1B Timeline When Owner Terminates

Affordability Restrictions

Appendix 1-1C Timeline When Owner Offers To Sell the

Project

Appendix 1-2 Mortgagee Letter 91-25

Appendix 2-1 Notice H91-57. Restrictions on the Sale

of Subsidized Rental Housing Imposed by

Section 181(g) of the Housing and

Community Development Act of 1987

Appendix 2-2 Form HUD-9610. Notice of Election to

Proceed: Title II or Title VI

Appendix 2-2A Instructions for Completing Form HUD-9610

Appendix 3 Form HUD-9608. Initial Notice of Intent

Appendix 3A Form HUD-9608 (Reverse side) Notice to

All Residents

Appendix 3B Instructions for Completing Form HUD-9608

Appendix 3C Notification to Tenants of the

Availability of Translations of Forms

HUD-9608 and 9607

Appendix 4 Letter to Owners Intending to Terminate

Affordability Restrictions

Appendix 4A Information about Market Areas

Appendix 4B Information to Tenants

Appendix 5-1 Letter to Owner Transmitting Appraisal

Guidelines

Appendix 5-1A Notice to Tenants

Appendix 5-2 Form HUD-9607. Calculation of

Information to be returned to Owner

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Appendix 5-3 Letter to Owner Transmitting Information

for Extending Affordability Restrictions

Through Retention or Sale

Appendix 5-3A Instructions for Sales of Projects:

Voluntary or Mandatory Sales

Appendix 5-3B Required Repairs and Estimated Costs

Appendix 5-3C Notice to Tenants

Appendix 6 Form HUD-9609 Second Notice of Intent

Appendix 6A Form HUD-9609 (Reverse side). Notice to

All Residents

Appendix 6B Instructions for Completing Form HUD-9609

Appendix 7-1 Earnest Money Deposit Worksheet

Appendix 7-2 Notification to Nonprofit Organizations

of the Availability for Sale of a

Multifamily Housing Project

Appendix 8-1 Form HUD-50061 Evaluation of Plan of

Action for Incentives to Extend

Affordability

Appendix 8-1A Instructions for Form HUD-50061

Appendix 8-2 Form HUD-50062 Evaluation of a Plan of

Action to Retain a Project

Appendix 8-2A Instructions for Form HUD-50062

Appendix 8-3 Checklist for Submission of a Plan of

Action to Retain a Project

Appendix 8-4 Checklist for Submission of a Plan of

Action to Sell a Project

Appendix 8-5 Form HUD-9611 Low Income Housing Tax

Credits Certification for Owners

Appendix 8-6 Memorandum to State and Local Governments

Appendix 8-7 Materials LIHTC Participants Must Submit

Appendix 8-8 Checklist for Submission of a Plan of

Action to Terminate the Low-Income

Affordability Restrictions

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Appendix 8-9 Guidelines for Conducting the Review of a

Plan of Action to Terminate Low-Income

Affordability Restrictions

Appendix 9-1 Resident Homeownership Plan Checklist

Appendix 9-2 Form HUD-91110, Evaluation of Resident

Homeownership Plan

Appendix 9-2A Form HUD-91110-A, Worksheet for

Individual Resident Homeownership

Feasibility

Appendix 9-2B Form HUD-91110-B, Summary Worksheet for

Resident Homeownership Feasibility

Appendix 9-3 Limited Equity Plan of Action Checklist

Appendix 9-4 Form HUD-50007, Evaluation of Plan of

Action for Limited Equity Cooperative

Assuming Existing Mortgage

Appendix 9-5 Notification to Non-Purchasing Tenants of

Available Protections

Appendix 10-1 Notification to Tenants of Acceptance of

Prepayment

Appendix 10-2 Notification to Tenants of Available

Protection

Appendix 10-3 Notification to Tenants in Low-Vacancy

Areas of Available Protection

Appendix 11-1 Form HUD-90010 Owner\'s Calculation of

Tenant Rent Phase-In Due to Approval of

POA

Appendix 11-1A Form HUD-90010A Calculation of Rent

Increase Factor

Appendix 11-2 Form HUD-90011 Calculation of Section 8

Gross Rents

Appendix 11-3 Form HUD-90012 Calculation of Tenant

Rents at Title VI Preservation Projects

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References

1\. Subtitle A of Title VI of the National Affordable

Housing Act, the Low-Income Housing Preservation and

Resident Homeownership Act of 1990, 12 U.S.C. 4101 et

seq., P.L. 101-625.

2\. Title II of the Housing and Community Development Act of

1987, the Emergency Low-Income Housing Preservation Act

of 1987, 12 U.S.C. 1715.

3\. 24 CFR Part 248, amended and published in the Federal

Register on April 8, 1992.

4\. Guidelines for Determining Appraisals of Preservation

Value Under the Low-Income Housing Preservation and

Resident Homeownership Act of 1990, published in the

Federal Register on May 8, 1992.

5\. Mortgagee Letter 91-25 issued May 28, 1991.

6\. Notice H91-57, Restrictions on the Sale of Subsidized

Rental Housing Imposed by Section 181(g) of the Housing

and Community Development Act of 1987, issued June 27,

1991\.

7\. Notice H91-29, Processing Plans of Action under the

Housing and Community Development Act of 1987, issued

April 9, 1991.

8\. Implementation of the Low-Income Housing Preservation

and Resident Homeownership Act of 1990 by Housing

Development Staff.

9\. Low-Income Housing; Technical Assistance Planning Grants

for Resident Groups, Community Groups, Community-Based

Nonprofit Organizations and Resident Councils; Notice,

published in the Federal Register, September 3, 1992.

10\. Notice H92-54, Processing Instructions for

Implementation of the Low-Income Housing Preservation

and Resident Homeownership Act of 1990 by Housing

Development Staff, issued July 2, 1992.

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

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4350.6-CHG.3

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11\. HUD Handbook 4350.1, REV. 1, Multifamily Asset

Management and Project Servicing, issued September,

1992\.

12\. HUD Handbook 4350.3, CHG 18, Occupancy Requirements of

Subsidized Multifamily Housing Programs, August, 1991.

13\. Title III of the Housing and Community Development Act

of 1992, 42 USC 5301.

14\. 24 CFR Part 248, Interim Rule and Notice, published in

the Federal Register, July 13, 1993.

15\. HUD Handbook 4550.1 Basic Cooperative Housing Insurance

Handbook

16\. HUD Handbook 4381.5 Management Documents; Agents and

Fees

17\. HUD Handbook 4350.1 Management of HUD-Insured

Multifamily Projects

18\. Form HUD-1, Settlement Statement

19\. Section 234 of the National Housing Act of 1937

20\. HUD Notice 92-32, Processing Instructions for the

Fiscal Year 1992 for Homeownership of Multifamily Units

Program (HOPE 2) - Applications for Grants

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