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More Lean Updates

KENDALL REALTY ADVISORS
Presents More Lean Update Friday the 13th of March

LEAN is the Name of the Game for Section 232 Program!

 

As of March 1, 2009, all Section 232 applications must be submitted to OIHCF (either under the LEAN expedited process or under a TAP process that is expected to be very lengthy in terms of processing time).  This applies to new applications submissions ONLY.  For any Section 232 application currently in the review process under the MAP/TAP program prior to March 1, 2009, the application processing will continue under MAP/TAP.  NOTE, If you have any questions regarding TAP and OIHCF, please send your inquiry to LEAN Thinking Mailbox - LeanThinking@hud..gov

 

For more information on the LEAN 232 Program, check out our FHA.GOV website at:

 

http://portal.hud.gov/portal/page?_pageid=73,3915250&_dad=portal&_schema=PORTAL

 

 

·  CORRECTION – Management Agents Required to Submit 2530/Previous Participation

 

A correction to the LEAN 232 Update of 2/20/09, has been made regarding the 2530/APPS requirements for Management Agents.  Contrary to the email update sent, 2530/APPS are required on Management Agents by the Code of Federal Regulations (CFRs).

 

Please keep in mind that the following program participants need to provide 2530/Previous Participation information in Firm Applications submitted under the LEAN 232 Program and therefore are required to register in the Business Partner Registration  HUD Multifamily Page at:

 

https://hudapps1.hud.gov/apps/part_reg/apps040.cfm

 

 

ü  Mortgagor Entities and their Principals

 

ü  Operator Entities and their Principals

 

ü  Parents of Operator Entities and their Principals

 

ü  General Contractor and their Principals (if applicable)

 

ü  Management Agents and their Principals (if applicable)

 

2530s are not required for Facility Administrators.

 

 

·  More Information on Section 232/223(d) Operating Loss Loans…

As noted on FHA.GOV, the documents required for submittal of a Section 223(d) (Operating Loss Loan) are still being developed.  If you would like to assemble a Firm Application on a Section 223(d) on a Section 232 prior to the posting of these documents, please contact Tim Gruenes at tim.gruenes@hud.gov or 612-370-3000 Ext. 2252.  We will work with you on the submittal on a case by case basis.  

 

 

·  LEAN 232 Program Information shared at the Eastern Lenders Conference on March 9 -11th, 2009

 

The Office of Insured Health Care Facilities (OIHCF) staff shared information on the LEAN 232 Program during the recent Eastern Lenders Conference on March 9-11th in Baltimore.  To find out more about this conference, please contact Jonathan Camps at (202) 887-1825 or at jcamps@lovefunding.com

 

 

·    LEAN 232 Pipeline as of March 6th, 2009

q   FHA # Requests – Purchase/Refinance – 208

 

q   FHA # Requests – New Construction – 41

 

q   FHA # Requests – Section 223(a)(7) - 1

 

q   FHA # Requests – Section 241(a) – 1

 

q   FHA # Requests – Sub-Rehab – 2

 

q   FHA # Requests – Section 223(d) – 2

 

q   Applications In – Purchase/Refinance –40 (with 18 more scheduled to come in shortly)

 

q   Applications In – New Construction – 7

 

q   Applications In – Section 223(a)(7) – 1

 

q   Firm Commitments Issued  – 18

 

q   Applications CLOSED  –Purchase/Refinance – 9 

 

q   Applications CLOSED  – New Construction – 1 (4 pre-apps completed) CW CAPITAL CLOSES FIRST ONE!

 

 

·    Need to Reference Previous LEAN 232 Updates?

Previous E-Newsletters (Email Updates) can be found at:

 

http://portal.hud.gov/portal/page?_pageid=73,7716182&_dad=portal&_schema=PORTAL

 

 

·    LEAN Thinking Mailbox - LeanThinking@hud.gov

We continue to be inundated with questions and are working through these questions as quickly as we can – many of these involve policy issues, which require substantial discussion.  We appreciate your patience.

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