Last week, Susan Wilson, HUD’s Director of the Office of Urban Revitalization, issued a memo announcing due dates for closing mixed-finance transactions with the Office of Public Housing Investments (OPHI). Generally, any 24 CFR 905, subpart F mixed-finance transaction targeted to close before December 31, 2014 must:
- submit a complete Rental Term Sheet by November 7, 2014. Any Rental Term Sheet submissions made to date, but requiring substantial revision, must be finalized before November 7th. Any incomplete Rental Term Sheets as of November 7th will not be assured of a closing before year end.
- submit final evidentiary materials by November 17, 2014, with all documents conforming to the form of Rental Term Sheet approved by the OPHI project review panel. The only changes that may be made to the documents after this submission are those in response to HUD comments.
- make every effort to close on or before December 22, 2014 as OPHI will be working with reduced staff between December 22 and December 31.
For those transactions facing a year end closing schedule, timing takes on heightened consideration requiring an accelerated negotiation of documents and resolution of issues.