AGM Update: HUD Multifamily Finance During COVID-19
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On 1/4/2021, HUD published answers to several new questions and answers, expanding and revising their guidance during the COVID-19 emergency.
We recommend Borrowers read all of HUD’s guidance and remain in frequent contact with their Lenders. AGM’s website features links to HUD’s COVID-19 related publications for your convenience. Highlights from the new Q&A’s include:
Allows the use of property common areas and parking lots for flu and/or COVID-19 vaccinations and testing by healthcare service providers.
SBA PPP and EIDL loans are subject to the Department’s standard subordinate financing requirements.
Reminder that the CDC eviction moratorium was extended through January 31, 2021.
10-year CNA updates are postponed for certain properties.
Additional flexibility for Site inspections for CNAs and lenders was extended to May 31, 2021.
Additional time is allowed for RAD projects to sign tenant leases after conversion.
Added guidance on the calculation of cash-out escrows for “3-year” Section 223(f) refinances with a COVID escrow.
