HUD: Updated Policy Removes Assurance of Completion Requirement for 223(f) Transactions with Low-Income Housing Tax Credit Proceeds

December 5, 2023 — HUD’s Office of Multifamily Housing sent out the following information: Dear Multifamily Stakeholders, HUD’s Office of Multifamily Housing published a Housing Notice and Mortgagee Letter today announcing the elimination of the 10 percent Assurance of Completion escrow in certain Multifamily 223(f) transactions that include new Low Income Housing Tax Credit proceeds. This change is…