MFH ownership transfers or sales.

CFR · 2024-01-01 · US · Title 7

(a) (b) (1) Priority consideration will be given to ownership transfers or sales needed to remove a hardship to the (2) Ownership transfers or sales with an assumption of debt at an amount less than the borrower's debt amount will only be approved by the Agency when all persons in the borrower entity who are transferring their ownership interest or are involved in the selling of the property are not part of the transferee organization. (c) (1) A statement disclosing any identity-of-interest between the borrower and the party to which the housing project ownership is being transferred or sold. (2) A statement certifying that the housing project's financial accounts are funded at required levels, less authorized withdrawals, and that payments due for operation and maintenance expenses, tax assessments, insurance premiums, any required tenant security deposit accounts, and other obligations incurred as a part of the housing project operations are paid in full with no overdue balances or a statement explaining the housing project's financial situation and the reasons for overdue payments or under funded accounts. (3) A proposed housing project budget covering the partial year, if applicable, and first full year operation following the ownership transfer or housing project sale. (4) A written statement, signed by the proposed transferee or buyer, certifying that the transferee or buyer will assume the borrower responsibilities and obligations specified in Agency program requiremen

official document · source cfr-2024 · id 7:§ 3560.406