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HUD Finally Issues Refinancing Guidance for Pre-1975 202s
On July 27 HUD issued guidance for the prepayment and refinancing of Section
202 properties financed before 1975 - the oldest cohort of 202s. HUD Housing
Notice 2010-14(H 10-14) provides guidance to implement the administrative
provision included in the FY 2009 omnibus appropriations legislation. At
AAHSA's urging that legislation, for the first time, authorized the
prepayment and refinancing of the SH 202 projects with 3% interest. In
addition the bill also provided for project based rental assistance to
prevent resident displacement in refinanced properties. Instead of lowering
the interest rate as required under current law authorizing prepayment and
refinancing, (which is obviously unrealistic for 3% loans) prepayment and
refinancing of the oldest 202s are allowable if rehab is proposed.
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