Section 102

Modular Housing

Requirements

For any PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). that includes Modular HousingModular HousingMultifamily Improvements located on a Property that are comprised of components or modules built off-site, such as modular, prefabricated, panelized, or sectional housing, and then assembled and installed on-site on a permanent foundation (and not a chassis). , you must ensure that the:

  • scope of work for the completed Property Condition AssessmentProperty Condition AssessmentAssessment of the Property's physical condition and historical operation. will include Module 5.6 of the Instructions for Performing a Multifamily Property Condition Assessment (PCA) (Form 4099); and
  • Modular HousingModular HousingMultifamily Improvements located on a Property that are comprised of components or modules built off-site, such as modular, prefabricated, panelized, or sectional housing, and then assembled and installed on-site on a permanent foundation (and not a chassis). :
    • was constructed by a manufacturer with a proven history of constructing modular components for multifamily properties;
    • does not include the presence of any areas of “Heightened Property Condition Concerns” per Module 5.6 of Form 4099; and
    • is comparable in quality and condition to properties with site-built ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC). in the market.