HUD has announced updated
guidance for the prepayment and refinancing of Section 202 Direct Loan
projects. This notice implements the Section 202 Supportive Housing for
the Elderly Act of 2010 and should help owners preserve older 202 units by
enabling them to refinance and address the physical needs of the property.
This
Notice supersedes all prior HUD guidance on Direct Loan prepayment and
refinance. It outlines requirements for the prepayment and refinance of
all Section 202 Direct Loan prepayments that require prior approval of the
Secretary; Section 202 Direct Loan prepayments and refinancing where debt
service savings are anticipated; and Section 202 Direct Loan projects with
original interest rates of six (6) percent or less, where no debt service savings
are anticipated.
The Notice can be found here.
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