December 9, 2022
Rural Development’s Office of Multifamily Housing sent out the following information:
Multifamily Housing (MFH) has developed a pilot program for simple transfers under authority in Section 506(b) of the Housing Act of 1949, as amended (42 U.S.C. §1476(b)). The purpose of the pilot program is to reduce application requirements for certain types of transfers, resulting in lower transaction-related costs for applicants and improved processing times. MFH will use the findings from the pilot program to inform future handbook and regulatory changes and advance Agency efforts to preserve and revitalize the MFH portfolio.
Agency staff provided information on the pilot program during a stakeholder listening session on September 28, 2022. The PowerPoint presentation from the listening session is available on the Multifamily Housing Direct Loans website under the “Events” tab.
A Federal Register Notice announcing the pilot program was published on December 9, 2022.
Owners who are interested in the pilot program should contact the project’s assigned servicing specialist in the MFH Field Operations Division. The assigned specialist can be found on the Agency’s website at https://www.sc.egov.usda.gov/data/MFH.html by selecting the link under the heading Multifamily Housing 514 & 515 Property Assignments. The servicing specialist’s name is listed in the column “Assigned To” and the specialist’s email is in the column “Assigned To Email.”
For general information about the pilot program, contact Stephanie Vergin, MFH Production and Preservation Division, at firstname.lastname@example.org or David Willis, Asset Management Division, at email@example.com.