24 C.F.R. § 245.418 Initial submission of materials to HUD: Partial release of mortgage security.
Title 24 - Housing and Urban Development
In the case of a partial release of mortgage security, the mortgagor must submit the following materials to the local HUD office: (a) A statement describing the portion of the property that is proposed to be released and the transaction requiring the release; (b) A statement describing the estimated effect of the proposed release on the value of the project, the number of dwelling units in the project, the project income and expenses (including property taxes), the amount of subsidy available to the project, and the project rent schedule; (c) A statement describing the proposed use of the property to be released and the persons who will have responsibility for the operation and maintenance of that property, and assessing the compatibility of that use with the residential character of the project; (d) A statement describing the proposed use of any proceeds to be received by the mortgagor as a result of the release; and (e) A copy of the notice to tenants.
Title 24: Housing and Urban Development
PART 245—TENANT PARTICIPATION IN MULTIFAMILY HOUSING PROJECTS
Subpart E—Procedures for Requesting Approval of a Covered Action
§ 245.418 Initial submission of materials to HUD: Partial release of mortgage security.
