Public Housing Mortgage Program (PHMP) - Proposal Elements

Although the requirements of each proposal may vary based on the type of transaction, a typical proposal should include:

1. Cover letter
   • Summary of the nature of the transaction being proposed, including the rationale for the use of the proceeds
   • Description of the public housing property being provided as security for the loan
   • Description of the use of the proceeds, including the number and type/size of units, income limits, location, costs, amount and status of financing sources
   • Description of the source(s) of funds to be used to repay the financing
2. Financing term sheet
3. Debt service schedule, including schedule for debt service payment sources, i.e. operating proforma, land sale proceeds, etc.
4. Sources and uses schedule
5. Construction cash flow schedule
6. Commitment letters (including LIHTC allocation letter as appropriate)
7. Fairness opinion
8. Title report/HA counsel certification
9. Appraisal of mortgaged property (which includes the property the proceeds are to be used upon)
10. Loan/bond documents
11. Legal opinions
12. HA board resolution

Public Housing Mortgage Proposals will be submitted to:

Ms. Dominique Blom
U.S. Department of Housing and Urban Development
Office of Public Housing Investments
451 Seventh Street, SW Room 4130
Washington, DC 20410