418.05

Low-Income Housing Tax Credits

If the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). is subject to a Low-Income Housing Tax Credit Low-Income Housing Tax CreditFederal program offering tax credits to owners of eligible properties that contain low-income occupants and rent restrictions. allocation, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must obtain, at least once in each calendar year (and more often if directed by Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! ):

  • copies of the tax and other compliance forms specified in  Part III, Chapter 7: Multifamily Affordable Housing Properties ; and
  • Borrower BorrowerPerson who is the obligor per the Note. certifications of the Property’s Property’sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). compliance with the requirements of the Internal Revenue Code regarding Low-Income Housing Tax Credits Low-Income Housing Tax CreditsFederal program offering tax credits to owners of eligible properties that contain low-income occupants and rent restrictions. ; and
  • if the Low-Income Housing Tax Credits Low-Income Housing Tax CreditsFederal program offering tax credits to owners of eligible properties that contain low-income occupants and rent restrictions. have not yet been syndicated, monthly reports from the Borrower BorrowerPerson who is the obligor per the Note. detailing the Borrower’s Borrower’sPerson who is the obligor per the Note. progress in syndicating the tax credit allocation until the syndication is completed.

If the Borrower BorrowerPerson who is the obligor per the Note. indicated that the Property PropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). does not comply with all applicable regulatory requirements, the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must immediately submit a Non-Monetary Default Borrower BorrowerPerson who is the obligor per the Note. Request in the MAMP MAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. .  Neither Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! nor the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. is responsible for determining or ensuring the Borrower’s Borrower’sPerson who is the obligor per the Note. compliance with Low-Income Housing Tax Credit Low-Income Housing Tax CreditFederal program offering tax credits to owners of eligible properties that contain low-income occupants and rent restrictions. requirements.  The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. also must comply with the information requirements of  Part III, Chapter 7: Multifamily Affordable Housing Properties .