7.4a Sample-HUD-Held or Non-Claim Non-HUD Held Restructuring

OMB No. 2502-0533
(Exp, xx/xx/xxxx)

Mark-to-Market
HUD-Held or Non-Claim/Non-HUD-Held Restructuring Summary Checklist
Date:

11/7/08

Property Name:

Finch Towers

FHA Number:

034-35174
Checklist of required documents (if applicable to the transaction)

Most Recent Model Update:

Form 7.4a
3/12/04

to be submitted to OAHP HQ at least 16 days prior to closing:
Date
Received
4/1/06

Document
(Originals sent to PAE for the docket)
Form 7.12 M2M HUD-Held Restructuring Summary - or Form 7.13 M2M Non-Claim/Non-HUD-Held Restructuring Summary
Restructuring Commitment with Exhibit A and Exhibit F
Certification of Mortgage Balance and/or HUD-Held Payoff Statement
Form 4.11 F47 Clearance Certification -orForm 4.12 F47 Reconciliation Form (n/a if HUD-Held)
Form 7.7 Closing Parties Checklist
Form 9807 (if Non-Claim, not HUD-Held)

If any of the following are true, approvals must be obtained before the
asset can be scheduled.
Existing debt bond financed
236 (Interest Reduction Payments - IRP) deal
Additional Funds (AF model)
Subordinate debt

X

Rehab Escrow Deposit Agreement (REDA)
Transfer of Physical Assets (TPA)
Transfer of Physical Assets (TPA) to a Qualified Non-Profit (QNP) w/debt relief at closing

FALSE

This deal cannot be scheduled as modeled: CRN cannot be less than
$25,000.

Form 7.4a, 5-1-08

Page 1 of 2

Mark-to-Market
Claim Payment Checklist

Form 7.4a

** Shaded items must be cleared before transaction can be added to the Closing Calendar **
Bond-Financed Existing Loan (address any timing issues in comments below):
CMB > 2 months bond interest (provide breakout from trustee)
Bond fees > $5K (provide breakout from trustee)
Co-op Borrower: PO Closing Coordinator must ensure that transaction was modeled for a
co-op and that co-op closing documents are being used
No Takeout Loan: HUD mortgage will be first in priority
Below Market Interest Rate (BMIR) Loan: PO Closing Coordinator must ensure that
transaction was modeled for a BMIR and that BMIR closing documents are being used
Original HAP Contract was a Mod Rehab: PO Closing Coordinator must ensure that a Mod
Rehab HAP Contract is being used
Out-Year Section 8 Contract deal: PO Closing Coordinator must ensure that the
transaction was modeled for Sec8 Recapture and that a Sec8 Recapture Agreement is
being used

X

Operating Deficit Escrow (ODE) deal: PO Closing Coordinator must ensure that the
transaction was modeled for ODE and that an Operating Deficit Escrow Agreement is being
used
Date
236 Interest Reduction Payments (IRP) Re-Use:
236 Reality Check approved by HQ Transaction Specialist on:
IRP Re-Use model submitted to HQ Closing on:
IRP to R4R Waiver approved on:
Existing Subordinate Debt approved by OGC on:
Additional Funds (AF Model): Highlights Memo submitted to and approved
by HQ Transaction Specialist on:
Transfer of Physical Assets (TPA): Preliminary Approval submitted to and
approved by PO Director on:
Qualified Non-Profit (QNP) Debt Forgiveness/Assignment:
approved by OAHP DAS on:
documents submitted to the HQ Transaction Specialist on:

X

Rehab Escrow Deposit Agreement (REDA):
Exhibit A and Bids/Estimates approved by REAT:
F47 Reconciliation (one form always required to be attached):

X

Form 4.11 OR
Form 4.12
Comments/Other (specify):

NOTE: PAE must assure all necessary reviews and approvals are obtained prior to closing.
Form 7.4a, 5-1-08

Page 2 of 2

No Name Apartments
Street Address
City, State Zip Code
New FHA #:

M2M Closing:
REDA Expiration Date:
Total # of Units:
Original PCA Date:
Last Time All Bids (Budget) Updated:
EXHIBIT A
REPAIRS
WORK

Work Item
(A)

Description of Rehab Work (From PCA or Final Model)
(B)

Quantity
(C)

Budget
(D)

Green (G) or
Standard (S)
Rehab

Bid
Amount

ANTICIPATED TIMELINE
Inspection
Work Start Work End Scheduled
Draw #
(E)
(F)
(G)
(H)

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Total Rehab
10% Contingency
Total Rehab Plus Contingency

$0
$0
$0

$0
$0
$0

LEGEND
(A) Work Item
List all work items that need to be done in A. This list can generally come from the final model.
(B) Description of Rehab Work (From PCA or Final Model)
Provide a description of the work (at a minimum, what the purpose of the work item is and where the work item is located or to be done; identify the actual building
number or unit number) in B. The description is based on the PCA or tenant meeting comments. This can also include: Specifications, Products, Materials, Installation
Parameters and Methods, Performance Specifications, Tolerances, etc.
(C) Quantity
Explain how many units need to be done or purchased.
(D) Budget
The amount set aside for in the final model or per the restructuring at closing.
Green (G) or Standard (S) Rehab
Clarify whether or not the rehab work contains a Green element or if it is simply standard rehab work. Green rehab work
Bid Amount
Bids should be ascertained right after the Exhibit A is approved by REAT and then updated prior to closing. The updated bid amounts should be reflected in the Exhibit A.
(E) Work Start
Anticipated date that the work item will commence.
(F) Work End
Anticipated date that the work item will be completed.
(G) Inspection Scheduled
Anticipated date the inspection will be performed.
(H) Draw #
This number reflectsfrom which draw this work item will expected to be reimbursed.
NOTE
1 If applicable, for additional funds transaction, attach a separate list all other non-M2M rehab repairs with timeline and costs and show how the M2M rehab will fit in.

Public reporting burden for this collection of information is estimated to average 1 hour per response, including the time for
reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the
collection of information. This information is required to obtain benefits. The office of Multifamily Housing, Office of Affordable
Housing Preservation 451 7th Street SW, Room 6216 6230 Washington, DC 20410. HUD may not collect this information, and you
are not required to complete this form, unless it displays a currently valid OMB control number. Title V of the Departments of
Veterans Affairs and Housing and Urban Development and Independent Agencies Appropriations Act of 1988 (P.L.106 65, 111 Stat.
1384) authorizes the FHA Multifamily Housing Mortgage and Housing Assistance Restructuring Program. HUD implemented a
statutory permanent program directed at FHA-insured multifamily projects that have project-based Section 8contracts with abovemarket rents. The information collection is used to determine criteria eligibility of FHA-insured multifamily properties for
participation in the Mark to Market program and the terms on which participation should occur. The purpose of the program is to
preserve low-income rental housing affordability while reducing the long-term costs of Federal rental assistance. While no assurances
of confidentiality are pledged to respondents, HUD generally discloses this data only in response to a Freedom of Information request.