OPG 7.12 HUD-Held Restructuring Summary

OMB No. 2502-0533
(Exp, 09/30/2014)

Mark-to-Market
HUD-Held Restructuring Summary
Date: _________________________

Form 7.12
Scheduled Closing Date: ________________

The PAE must submit this Form and attachments to the OAHP Headquarters Closing Specialist at least 15
days prior to closing. Within 5 days after closing (not including the weekend), the Closing Escrow Agent
or PAE must fax to the OAHP Headquarters Post Closing Specialist (except REDA which is directed to
OAHP NY), the following:
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Executed new first lien note, if applicable
Executed mortgage restructuring note and mortgage,
Executed contingent repayment note and mortgage,
Final sources and uses (Exhibit F),
Property tax bill (or property tax page from title policy), if no takeout financing
IRS Form W-9 prepared and signed by owner
OAHP Form 7.16 Mortgagor Information Certification
Interim/Final Settlement Statement (signed by escrow agent)
Interim/Final Form 7.21 (signed by escrow agent and PAE)
Closing Escrow Instructions
Copy of signed Rehab Escrow Deposit Agreement (should be sent directly to REAT Specialist,
OAHP New York via fax: 212-264-5080)
If 236 Re-Use, attach copy of full IRP package

The following information contained in this Form must be consistent throughout this Package
including the Restructuring Commitment.
I. Property Information:
Existing FHA Number:
Property Name:
Address:
Older Assisted or Newer Assisted:
(Circle one)

O or N

Existing Section of the Act:

HUB Office (address):
Address:
Owner’s Name:
Address:
Phone:
Project’s Management Co.:
Billing Address:
Contact Person:

Tax ID# (must match F47):
Fax:

Rev February 2006

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Form 7.12

Phone:
Fax:
Existing Mortgagee Name: U.S. Department of Housing and Urban Development
Contact Person:
OAHP HQ Closing Team
Phone: 202 708 0001
Fax: 202 708 5755
New Mortgagee Name:
Contact Person:
Phone:

Mortgagee I.D.#
Fax:

Title Company:
Contact Person:
Phone:

Fax:

Closing Escrow Agent:
Contact Person:
Phone:

Fax:

Post Closing Rehab Escrow Contractor (Cash Manager):
Contact Person:
Phone:
Fax:
Post Closing Rehab Escrow Contractor (Administrator):
Contact Person:
Phone:
Fax:
IF A TPA, PROVIDE:
New Owner’s Name:
Address:
Phone:

Tax ID #
Fax:

New Owner's Project Management Co.:
Billing Address:
Contact Person:
Phone:

Fax:

II. Information from the PAYOFF DEMAND:
Unpaid Principal Balance $_________________

Unpaid Accrued Interest $____________________

Unpaid Other $ _________________
Escrow Balances: Taxes $____________________

Hazard Insurance $___________________

Residual Receipts $__________________________

Reserve for Replacement $_____________

Has final settlement been resolved?
If accrued interest is not paid at closing, what is disposition?
_____________________________________________________________________________________________________
_____________________________________________________________________________________________________

Rev 11/01/04

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Form 7.12

III. HUD Held Loans (post-restructuring):
Ranking
(1st, 2nd, 3rd)
show below

Type
Mortgage Restructuring Note
Contingent Repayment Note

Amount
$
$
Total Amount $

Comments: (If Residual Receipts or Reserve for Replacements will be used to pay down existing balance, so state and
provide dollar amount)

IV. Restructured Loan Information (must check one):

† Modified $____________
(new principal balance)

† Paid In Full (no takeout

† Refinanced with FHA Loan
New FHA#

$ _________________
Section of the Act:

† Refinanced with Non-FHA Loan $______________

financing)

Take-out financing (or modified loan amount) plus Mortgage Restructuring Note =
$______________________
V. Post-Closing Escrow Accounts
Escrow Account

Amount

Initial Deposit to Reserve for Replacement Account (IDRR)

$____________________

Taxes

$____________________

Hazard Insurance (only applicable if there is takeout financing)

$____________________

Monthly Deposit to Reserve for Replacement Account

$____________________

(include total amount due regardless of source of payment)

Rev 11/01/04

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Form 7.12

VI. OAHP Contact Information:
Debt Restructuring Specialist:________________________________ Phone______________________
Preservation Office Closing Coordinator:________________________Phone:______________________
PAE:_______________________Contact:_________________Phone: _____________________
OAHP Preservation Office Directors:
Chicago
Harry West, Director
Nancy Richards, Deputy Director

(312) 886-4133

Central Office

(202) 260-2746

Donna Rosen , Director
Larry Pack, Deputy Director

(When applicable, insert Acting Preservation Office Director’s name)

VI. Management Certification:
A Management Certification IS
applicable.

IS NOT (circle one) required in this transaction. Attach copy, if

VII. Certification:
I hereby certify that the above information is consistent with the Restructuring Commitment and the
mortgagee’s information.

Signature:__________________________
Name:_____________________________
Title: OAHP Preservation Office Director/Deputy Director [circle one]

Public reporting burden for this collection of information is estimated to average .25 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.
Rev 11/01/04

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