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Revision of the Section 223(f) Policy Requiring Three Years of Post-Construction Sustained Occupancy
- By: admin
- On: 03/03/2020 13:56:12
- In: HUD Notices
HUD published a Housing Notice (HN) & Mortgagee Letter (ML) called Revision of the Section 223(f) Policy Requiring Three Years of Post-Construction Sustained Occupancy.
HUD published a Housing Notice (HN) & Mortgagee Letter (ML) called Revision of the Section 223(f) Policy Requiring Three Years of Post-Construction Sustained Occupancy. This new policy will allow newly constructed or substantially rehabilitated projects to refinance under Section 223(f) without a three-year waiting period.
This HN & related ML supersede previous guidance concerning the time elapsed between construction completion and the date of an application for Section 223(f) mortgage insurance. Project eligibility is defined in the notice, and waivers are no longer needed.
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