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Current as of January 02, 2025 | Updated by Findlaw Staff
A PAE must submit a Restructuring Plan and a proposed Restructuring Commitment to HUD for approval, prior to submitting the Commitment to the owner for execution. The submission may not occur earlier than 10 days after the public meeting required by § 401.500(d). The proposed Restructuring Commitment must be in a form approved by HUD, incorporate the Restructuring Plan, and include the following:
(a) The lender, loan amount, interest rate, and term of any mortgages or unsecured financing for the mortgage restructuring and rehabilitation, and any credit enhancement;
(b) The amount of any payment of a section 541(b) claim;
(c) The type of section 8 assistance and the section 8 restructured rents;
(d) The rehabilitation required, the source of the owner contribution, and escrow arrangements;
(e) The uses for project accounts;
(f) The terms of any sale or transfer of the project;
(g) A schedule setting forth all sources and uses of funds to implement the Restructuring Plan, including setting forth the balances of project accounts before and after restructuring;
(h) All consideration, direct or indirect, received or to be received by the PAE or a related party, if known, in connection with any matter addressed in the Restructuring Commitment, except amounts paid or to be paid by HUD; and
(i) Other terms and conditions prescribed by HUD.
Cite this article: FindLaw.com - Code of Federal Regulations Title 24. Housing and Urban Development § 24.401.404 Proposed Restructuring Commitment - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-24-housing-and-urban-development/cfr-sect-24-401-404/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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