The Recovery Act had a provision removing the current FHA Multifamily mortgage insurance requirement that Low Income Housing Tax Credit proceeds must be escrowed to assure they were available at project initial endorsement.
HUD is getting around to publishing a proposed rule that will appear in tomorrow's Federal Register. A draft of that proposed rule, which will also apply to historic and new market tax credits is HERE. (This link will likely expire at end of Thursday, go to the Federal Register current issue site on Friday to find the published proposed rule).
Originally created and posted on the Oregon Housing Blog.
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