Underwriting

Requirements

You must:

• reflect the impact of the rent and income restrictions in your underwriting;
• apply the MAH Property MAH PropertyProperty that: complies with Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 702: MAH Property Eligibility; and is underwritten per Part III, Chapter 7: Multifamily Affordable Housing Properties. underwritten DSCR DSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of:  principal, interest, and required Mezzanine Financing or Hard Pay Preferred Equity payments. , underwritten LTV LTVRatio of the actual aggregate UPB of the Mortgage Loan, plus any Pre-Existing Mortgage Loans, plus any Hard Pay Preferred Equity, plus any Mezzanine Financing, to the value of the Property, expressed as a percentage.  , and underwriting Interest Rate Floors per  Form 4660 to the:
  • LIHTC Affordability Type per  Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 702.03A: LIHTC ;
  • HAP Affordability Type per  Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 702.03B: HAP Contract ; and
  • Rent and Income Restricted Properties Affordability Type per  Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 702.03C: Properties with Both Rent Restrictions and Income Restrictions ;
• apply the conventional mortgage loan underwritten DSCR DSCROn an annual basis or any specified period, the ratio of Net Cash Flow to the total of:  principal, interest, and required Mezzanine Financing or Hard Pay Preferred Equity payments. , underwritten LTV LTVRatio of the actual aggregate UPB of the Mortgage Loan, plus any Pre-Existing Mortgage Loans, plus any Hard Pay Preferred Equity, plus any Mezzanine Financing, to the value of the Property, expressed as a percentage.  , and underwriting Interest Rate Floors per  Form 4660 to the:
  • Rent or Income Restricted Properties Affordability Type per  Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 702.03D: Properties with Either Rent Restrictions or Income Restrictions ;
  • SPP Affordability Type per  Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 702.03E: Special Public Purpose ; and
  • SIA Affordability Type per  Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 702.03F: Sponsor-Initiated Affordability ; and
• maintain, in your Servicing File Servicing FileYour file for each Mortgage Loan serviced. , a copy of any applicable
  • Affordable Regulatory Agreement Affordable Regulatory AgreementRecorded or unrecorded regulatory, land use, extended use, restrictive covenant, or similar agreement or restriction that is imposed by a Public Entity, placing rent, income, or other affordability restrictions on the use or occupancy of the Property, but which does not include a HAP Contract. , and/or
  • Private Affordability Agreement Private Affordability AgreementRecorded or unrecorded regulatory, land use, extended use, restrictive covenant, agreement, or restriction that is imposed by any non-Public Entity, placing rent, income, or other affordability restrictions on the use or occupancy of the Property. Test Notes added- SV .