[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 [email protected].

FOR FURTHER INFORMATION CONTACT: To assure a timely response, please 
direct requests for further information electronically to the email 
address [email protected]. 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