    [Federal Register Volume 85, Number 168 (Friday, August 28, 2020)]
    [Notices]
    [Page 53395]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 2020-18976]

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    DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

    [Docket No. FR-6232-N-01]

    Guidelines for Certain HUD Approvals Regarding Properties
    Encumbered by HUD-Held Mark-to-Market Program Debt and Portfolio
    Reengineering Demonstration Program Debt

    AGENCY: Office of the Assistant Secretary for Housing-Federal Housing
    Commissioner, HUD.

    ACTION: Notice.

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    SUMMARY: This Federal Register Notice announces that HUD has posted a
    draft Notice, ``Guidelines for Certain HUD Approvals Regarding
    Properties Encumbered by HUD-Held Mark-to-Market Program Debt and
    Portfolio Reengineering Demonstration Program Debt,'' on the
    Multifamily Drafting Table on HUD's website for public feedback. The
    draft Notice is intended to replace Housing Notice 2012-10,
    ``Guidelines for Assumption, Subordination, or Assignment of Mark-to-
    Market (M2M) Loans in Transfer of Physical Assets (TPA) and Refinance
    Transactions'' in its entirety.

    DATES: The draft Notice will be available for feedback for 30 days
    after publication in the Federal Register.

    ADDRESSES: Interested persons are invited to submit questions or
    comments electronically to postM2M@hud.gov.

    FOR FURTHER INFORMATION CONTACT: To assure a timely response, please
    direct requests for further information electronically to the email
    address postM2M@hud.gov. Written requests may also be directed to the
    following address: Office of Housing--Office of Recapitalization;
    Department of Housing and Urban Development; 451 7th Street SW, Room
    6230; Washington, DC 20410; or by telephone at 202-708-0001 (this is
    not a toll-free number). Persons with hearing or speech impairments may
    access this number through TTY by calling the Federal Relay Service at
    (800) 877-8339 (this is a toll-free number).

    SUPPLEMENTARY INFORMATION: The draft Notice posted on the Multifamily
    Housing Drafting Table provides new instructions for the acquisition
    and/or refinancing of projects after they have been through a Mark-to-
    Market Program (``M2M'') debt restructuring or a Portfolio
    Reengineering Demonstration Program (``Demo Program'') restructuring
    and are encumbered by HUD-held debt (collectively referred to as
    ``Post-M2M'' activities). In addition, Section 3 of the draft Notice
    would replace Appendix C of the Mark-to-Market Operating Procedures
    Guide regarding transfers of assets to qualified nonprofits, Section 4
    covers matured and outstanding M2M or Demo Program debt, and Section 5
    contains guidance that supplements HUD's previously issued 8(bb) Notice
    (H-2015-03), and this supplemental guidance may also be relied upon by
    owners of projects with satisfied M2M subordinate debt obligation(s)
    that remain encumbered by a M2M Use Agreement and continue to benefit
    from a Full M2M Renewal Contract. The draft Notice will be available
    for feedback for 30 days at the following URL: https://www.hud.gov/program_offices/housing/mfh/MFH_policy_drafts.

    Dana T. Wade,
    Assistant Secretary for Housing--Federal Housing Commissioner.
    [FR Doc. 2020-18976 Filed 8-27-20; 8:45 am]
    BILLING CODE 4210-67-P