Post Mark-to-Market (PM2M)

Post M2M is an extended component of the Mark-to-Market program under the Office of Recapitalization (Recap). The program addresses the processing of owner requests to refinance or to sell a property that has received the benefits of a debt restructuring under M2M or M2M Program’s predecessor program, the Portfolio Reengineering Demonstration Program (Demo Program). This also applies to applications for either debt assumption or forgiveness for a non-profit qualified by HUD for such benefits (QNP). These procedures require coordination between the Office of Recap and other staff within Multifamily Housing (typically Field Office staff).

This web page is intended to provide resources and tools on the PM2M program. All inquiries and requests related to Post Mark-to-Market (Assumption Subordination and Qualified Non Profit) transactions, should be submitted electronically to


Guidance and
How to Apply


Guidelines for Certain HUD Approvals Regarding Properties Encumbered by HUD-Held Markto-Market Program Debt and Portfolio Reengineering Demonstration Program Debt (Note: This Notice, published June 30, 2021, supercedes Notice H 2012-10 and Appendix C of the Mark-toMarket Operating Procedures Guide)

Draft M2M Waiver Request Applicant Checklist

M2M Waiver Request Application (Microsoft Excel: Use Microsoft Edge or Internet Explorer to View/Open the File)

Multifamily Regional Office Review Guidance for Post Mark-to-Market Transactions without Remaining HUD Debt 



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When in Doubt Reach Out

For questions on the Post M2M process email us.

Post M2M Diagram of When Recap Gets Involved
Diagram: When Is Recap Involved
A larger view is available


Post M2M Resources

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