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06/07/2010 Council Packet
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06/07/2010 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
06/07/2010
Council Meeting Type
Work Session Regular
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• <br />Project Name: Cottage Homesteads of Willow pond <br />Project #: 092 -11264 <br />Location: Lino Lakes, MN <br />Page 5 <br />any Mortgagee required escrows for GNMA, taxes, or insurance. <br />18. You are advised that restrictive covenants purporting to prohibit the use of this property to <br />house anyone receiving the benefits of any subsidy and /or rent guarantee program, or any <br />other restrictions that may be construed by the Department of HUD to be contrary to the <br />intent and spirit of the Federal housing statutes, will render this proposal unacceptable for <br />mortgage insurance purposes. <br />SPECIAL CONDITIONS: <br />19. Prior to closing, please submit an analysis of the property insurance and real estate escrow <br />account. If the current project account is not adequate it must be funded at closing. <br />20. An inspection fee of $1,410 must be paid prior to endorsement of the mortgage. <br />21. This project has been processed with the use of Low Income Tax Credits as certified by the <br />Sponsor. <br />22. An operating deficit escrow amount is not required for this project. <br />23. If any new management agent, contractor, sponsor, or Mortgagor entities or principals <br />become involved in the project before or after endorsement, HUD 2530 forms must be <br />submitted and approved by HUD for each. All changes or transfers of ownership prior or <br />after endorsement of the Mortgage must include personal and corporate financial <br />statements with FHA Form 2417 certifications, credit reports and 2013 supplement "Bank <br />and Trade References ". After endorsement of the mortgage, any future transfer of interest <br />that results in changes in the sponsorship or composition of the general partners will be <br />subject to full mortgage credit review and approval by HUD. This would include a review of <br />credit reports, bank and trade references, and current financial statements on any new <br />partners or entities. <br />24. All pending and levied special assessments must be paid in full prior to closing. <br />25. The sponsor must demonstrate to HUD's satisfaction at the time of endorsement, that all <br />tenant security deposits have been fully funded and in separate accounts. <br />26. The total 100% insurable value for the subject project will be forwarded to you prior to <br />closing. <br />www.hud.gov esganol.hud.gov <br />
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