The U.S. Department of Housing and Urban Development (HUD) recently issued a memo outlining its processing schedule for mixed-finance projects targeted to close by the end of 2016. According to HUD’s Office of Public Housing Investments, parties wishing to close a mixed-finance transaction by December 31, 2016 must:
- Submit a complete Development Proposal by November 7, 2016. This deadline also applies to any Proposal revisions. Year-end approval is not guaranteed for project Proposals that HUD determines still need substantial revisions after its review.
- Submit final, unexecuted evidentiary materials by November 14, 2016. If changes are made post-submission, HUD cannot assure its approval of those documents before December 30, 2016.
Due to staffing constraints during the last week of the calendar year, HUD strongly encourages parties to submit documents early and attempt to close before December 21st. A full copy of the HUD memo can be accessed here.