Change in Property Ownership--with a HUD mortgage, Regulatory or Use Agreement
Required documents for Full Review:
All new business entities must register with Business Partner Registration HUD Multifamily (even if the principals are already known to HUD). This is NOT part of the APPS 2530 submission process. Accurate data is critical to smooth submissions in the REAC Financial Assessment Sub System (FASS). This data is also used in HUD's integrated Real Estate Management System (iREMs). The Business Partner Registration HUD Multifamily page is accessible by anyone, without password or ID. It requires the initial input of a TIN or SSN, and then input of about 10 specific, basic fields (name, address, zip, email, etc.). Following completion and submission, the new entity or person is recorded as known to HUD systems. The process takes approximately 2 minutes to complete and between 1 and 24 hours before the HUD databases are updated.
HUD Notice 99-13 required a Capital Needs Assessment (CNA) and full Reserve for Replacement Analysis (R4R) to identify the remaining useful life of building components and the amount needed in the R4R account. This analysis is often forgotten.
Additional documentation may be required if there are physical, management, financial or other issues at the property, or if secondary financing is involved.
Transfers of Physical Assets involving the Section 232 Mortgage Insurance for Residential Care Facilities program and the Section 242 Mortgage Insurance for Hospitals program under the Office of Healthcare Programs (OHP) are administered by OHP.