| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #7003 | Closed | public | Multifamily | Les Sparks |
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I wanted to see if you could clarify the applicability of the revisions to handbook 4232.1 effective January 19, 2017. Do the revisions only apply once a project refinances and signs a new regulatory agreement or do the revisions apply to all regardless? |
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From Les Sparks: The only information on this comes from ORCF themselves. I have included that below. Now as to the specific interpretation of the guidance below I am uncertain. It indicates “new provisions” of the handbook. Of course, the list of changes is 33 pages long. For me the primary issue appears to be the changes in insurance. I guess old deals stay where they were and new deals follow the new guidance. If course, how everyone is going to track the requirements 2-3 years from now when the old handbook is long gone, is beyond me. Les HANDBOOK NO. 4232.1 REV-1, HEALTHCARE MORTGAGE INSURANCE PROGRAM, IS EFFECTIVE JANUARY 19, 2017 The new effective date for this handbook, available here, is January 19, 2017. The updated handbook provisions will apply to all new loan applications, as well as other transactional requests for existing Section 232 projects (e.g., change of participants, Reserve for Replacement requests, etc.), received on or after January 19, 2017. Additionally, the updated handbook provisions will apply to all projects in the Section 232 portfolio, and to all lender/underwriter approval requests received on or after January 19, 2017. If you have any questions, please contact John Hartung, at (314) 418-5238 |