Example: An owner with 2 years remaining on their current contract would execute a new 20-year contract + the 2 years left in their existing contract = 22 years total. overage) if the HAPHAPHousing assistance payment provided to a Borrower by HUD in connection with a HUD Section 8 Property. Subject to paragraph 2.b, the initial term of the HAP contract for any contract units is: _____. Under the HAP contract, HACCC agrees to make housing assistance payments to the owner on behalf of a specific family occupying a specific unit. @¡e¨@jP‡ÄЄ´¡]èA0„ŒaS˜Á°„¬aÉ´"Ø The two notable types of options are put options and call options. , if the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). Each month the PHA must make a housing assistance payment to the owner for a unit under lease to and occupied by an eligible family in accordance with the HAP contract. HUD regulation 24 CFR 982.404 and Section B-3 of the HAP Contract requires that the owner must maintain the contract unit and premises in accordance with HQS. This means that if you get sick or need a high cost procedure your co-pays are capped once you pay out of pocket $4,500 this can be a very nice safety net. Enrollment depends on contract renewals. Termination of a Housing Assistance Payment Contract (Opt-Out) I. Length of initial term a. An option can be either a ‘call option’ which is a right to buy or a ‘put option’ which is a right to sell. This covers the basic prescription benefit only and does not cover enhanced drug benefits such as medical benefits or hospital benefits. Mortgage Loan underwritten and serviced by the Lender and financed by the issuance of Bonds where Fannie Mae is providing a Credit Enhancement Instrument. CONTRACT contract, n.1. contract rents are less than market rents.  If the HAPHAPHousing assistance payment provided to a Borrower by HUD in connection with a HUD Section 8 Property. rents (LIHTCLIHTCFederal program offering tax credits to owners of eligible properties that contain low-income occupants and rent restrictions. units, you must underwrite the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents or a mortgage debt obligation with a Fannie Mae credit enhancement. 2. They include: Option 1: Mark up to Market (MU2M) Option 2: Contract Renewals for Other Projects with Current Rents at or Below Comparable Market Rent; Option 3: Referral to Recap As an Option 2 applicant, you were required to show ownership in another property within the State of Louisiana. This form of Housing Assistance Payments Contract (HAP contract) is used to provide Section 8 tenant-based assistance under the housing choice voucher program (voucher program) of the U.S. Department of Housing and Urban Development (HUD). Owners are not eligible for HAP from the day after the second fail until the unit passes inspection. Owner signed Attachment 3A-2, Contract Renewal Request Form and Volatility estimates, Greeks, and a probability calculator can help you make this decision. HAP Empowered Duals (HMO SNP) is a Medicare health plan with a Medicare contract and a contract with the Michigan Medicaid Program. Each of these options have different requirements and should be considered closely. 2. (2) The term of the HAP contract is the same as the term of the lease. The PeopleSoft Procurement Contracts feature gathers essential elements of contract transactions. Option 2. An agreement between two or more parties creating obligations that are enforceable or otherwise recognizable at law (a… OPTION option, n.1. xÚc```b``XÍÀÂÀÀö„Aˆ„؁…£Q̟'ËÐÞ. Reformation, achieved when the contract is re-written to better suit the actual intention of the contract-essentially a 'do-over' The options for remedies are often included in the contract itself. Complete the following documents: a. Note: Owners renewing HAP contracts under this option must accept a minimum 5 year contract term. (2) The term of the HAP contract is the same as the term of the lease. HUD regulation 24 CFR 982.404 and Section B-3 of the HAP Contract requires that the owner must maintain the contract unit and premises in accordance with HQS. At least 120 days prior to the HAP contract expiration date, the owner must submit to PHFA all required documents for the chosen option. If the price of ABC’s shares goes up to $60 you will earn a 20% return if you invested in the shares directly. How to Apply for a 20-Year HAP Renewal: Expiring HAP Contracts (Typical Renewal) 1. – You buy a September $13 call option contract for $300. FEMA eligibility criteria for mobile homes: Explains the FEMA eligibility criteria specific to mobile homes. Extension of term The HAP contract is used for all HCV program tenancies except for assistance under the Section 8 homeownersh… ÊöÄñ‘@栆“~èóP|ÄÊÁ`¥ ¢Ä Àp ¢×nJÂÅÃÏ/,vir9%ªsp²Û9Y›Z&Kª>s¦z]ӍÙÛ,æsË4çîáé~÷lkþ±H. HAP Senior Plus Option 2 (PPO) is a Local PPO. The problem when assessing available Options, HUD does not provide Owners with an in-depth analysis and does not get down in the weeds when an Owner evaluates what Option to choose. The HAP Senior Plus Option 2 (PPO) has a monthly premium of $118.00 and has a in-network Maximum Out-of-Pocket limit of $4,500 (MOOP). This module introduces option contracts, a flavor of behavioral software contracts.With option contracts developers control in a programmatic manner whether, when, and how often contracts are checked. The HAP contract only applies to the household and contract unit specified in Part A of the HAP contract. These contracts can be renewed in one, five, or twenty year increments. contract units using the additional income above the LIHTC LIHTC Federal program offering tax credits to owners of eligible properties that contain low-income occupants and rent restrictions. 1. , you must ensure that: You may use Option 2, or eliminate the Restabilization Reserve under either option, if you meet all of the following: Subordination, Non-Disturbance and Attornment, Tenant Estoppel Certificate; Lease Modification, Underwritten Net Cash Flow (Underwritten NCF), Property Previously Secured Bond Financing, Exception for Taxes, Assessments, or Other Lienable Items, Environmental Protection Lien Endorsement, Uniform Commercial Code (UCC) Financing Statements, Creating and Perfecting the Security Interest, General Insurance – Applies to All Policies, Blanket and Other Policies Covering Multiple Properties, Business Income (including Rental Value) Insurance, Boiler and Machinery / Equipment / Mechanical Breakdown Insurance, Risk Retention Groups and Captive Insurance, Directors’ and Officers’ Liability Insurance, HPB Module, HPB Report, and Technical Solar Report Scoring, HPB Module, HPB Report, and Technical Solar Report Approval, Dependency and Medicaid Transition Reserve, Management, Operations, and Regulatory Compliance, Collateral; Borrower-Owned Homes and Affiliate-Owned Homes, Public Roadways, Private Interior Roadways, and Drives, Eligible Characteristics and Underwriting, Ineligible Characteristics and Underwriting, Not-for-Profit (IRC §501[c][3]) Borrower may be a Multi-Asset Borrower, Affordable Regulatory Agreement Restrictions, Lien Priority and Title Insurance Policy, Additional Underwriting and Loan Documents, Properties with Both HAP Contracts and LIHTC Units, Transactions Funded with Tax-Exempt Bond Proceeds, Fannie Mae Credit-Enhanced Tax-Exempt Bond Issuance, Borrowers, Key Principals, Guarantors, and Principals, Lender FHA Risk Sharing Reserve and Loss Sharing Modifications, Cooperative Market Rental Basis NCF (Underwritten NCF), Cooperative Market Rental Basis DSCR (Underwritten DSCR), Small Mortgage Loan Underwritten NCF (Underwritten NCF), Site Inspection by Lender or Other Third Party, Prepayment Option 1 – Declining Prepayment Premium Schedule, Prepayment Option 2 - 1% Prepayment Premium Schedule, Including the Cap Cost Factor in the Variable Underwriting Rate, Interest Rate Cap Contract Documentation and Delivery, Borrower, Guarantor, Key Principals, and Principals, UCC Renewals or Continuations and Amendments and Terminations, Forwarding New, Replacement or Amended Letters of Credit, When Issuer Rating Fails to Meet Standard, Release/Reduction of Letter of Credit or Other Collateral, Compliance with Reimbursement Agreement or Loan Agreement, and Other Loan Documents, Security Instrument; Collateral Agreements; Uniform Commercial Code Filings, Monitoring Uniform Commercial Code Filings, Cash Mortgage Loan – Reporting Remittance Amount, Monthly Securitized Mortgage Loan Security Balance Reporting, Same Month Pooling – Security Balance for First Reporting Cycle, Security Balances Due by Second Business Day, Cash Mortgage Loan and MBS Mortgage Loan Reports, Monthly MBS Mortgage Loan Reconciliations - Pool-to-Security Balance Reconciliations (Not Applicable to PFP MBS), Required Annual Adjustment to Correct Principal Balance vs. Security Balance Difference, Pool-to-Security Reconciliation Certification, Adjustable Rate Mortgage Loan Interest Rate Changes and Required Monthly Payments, Monthly Reporting for ARM Payment/Rate Changes, Delinquency Advances on a Mortgage Loan other than a Credit Enhancement Mortgage Loan, Delinquency Advances on a Credit Enhancement Mortgage Loan, Servicing Advances on a Mortgage Loan other than a Credit Enhancement Mortgage Loan, Servicing Advances on a Credit Enhancement Mortgage Loan, Duration of Payment of Delinquency Advances or Servicing Advances, Reimbursement for Delinquency and Servicing Advances, Repayment of Servicing Advances from Borrower, No Capitalization of Servicing Advances for Securitized Mortgage Loans, Monthly P&I Remittance Dates for Cash and MBS Transactions, Remittance Dates for Cash Mortgage Loan Payoffs, Use of Cash Remittance System and Requirements, Cash Mortgage Loans – Transmitting the Remittance, Required Date for Commencement of Remittance, Securitized Mortgage Loans – Drafting the Remittance – Funds Drafted under Automated Drafting System (Not Applicable to PFP MBS), Additional Requirements for Monthly Remittance for Security Transactions, Securitized Mortgage Loans – Remitting Fees to Fannie Mae, Guaranty Fee Due on 7th Calendar Day of Month, Same Month Pooling – Interest and Guaranty Fee Remittance for First Reporting Cycle, Notification to Fannie Mae if Unable to Have Funds Available on any Remittance Date, Review of Applicable Loan Documents Required, Notification of Prepayment; Timing of Prepayment, Notice and Timing Consistent with Loan Documents, Borrower Notice Must Contain Date of Intended Prepayment and Comply with Notice Requirements of the Loan Documents, Loan Document Requirements for Payoff and Lockout Dates, Notice to Fannie Mae of Proposed Payoff; Use of Fannie Mae Payoff Calculator, Timing of Confirmation of the Full Prepayment Payoff Amount, Full Prepayment for Cash Transactions and PFP MBS, Confirming the Full Prepayment Payoff Amount, Full Prepayment for Securitized Transactions (Not Applicable to PFP MBS), Fannie Mae Approval Required for Partial Prepayments, Prepayment Premium Due on Partial Prepayment, Reporting and Remitting Partial Prepayments When Not Permitted in Loan Documents, Reporting and Remitting Partial Prepayments When Permitted in Loan Documents, Reporting and Remitting Partial Prepayments, Yield Maintenance Prepayment Premiums – Prepayment Occurs Before the Yield Maintenance Period End Date, Calculation of Investor’s Share of Total Prepayment Premium for a Securitized Mortgage Loan, Calculation of Fannie Mae’s Share of Total Prepayment Premium, Calculation of Servicer’s Share of Total Prepayment Premium, Yield Maintenance Prepayment Premiums – Prepayment Occurs On or After the Yield Maintenance Period End Date, Prepayment On or After Yield Maintenance Period End Date, Fixed Rate Mortgage Loans with Graduated Prepayment Premiums, Prepayment Premiums for ARM Loans and Structured ARM Loans, Prepayment Premium Waivers; Servicer’s Share of Prepayment Premium, Servicer Notification of Payoff Amount to Borrower, Calculating and Obtaining Confirmation of Payoff Amount, Fannie Mae Will Not Confirm Nor Is Responsible for Amounts Owing to Servicer, Fannie Mae Confirmation of Full Payoff Amount, No Quote to Borrower Until Fannie Mae Confirmation, Reporting the Payoff and Remitting the Payoff Funds, Reporting Full Payoff Amount Through the eServicing System Due By 2nd Business Day of Month, Post Payoff Document Retention Requirements, Monthly Bond Credit Enhancement Reporting, Monthly Remittances of Scheduled Payments to Bond Trustee, Replenishment of Withdrawals from the PRF, Collection and Remittance of Borrower Reimbursement Obligations for Fannie Mae Advances, Notice and Collection of Other Fees and Expenses, Bond Redemption Premiums Payable to Bondholders, Termination Fee or Prepayment Premium Payable to Fannie Mae, Termination When No Prepayment Occurs; Weekly Variable Rate Transactions, Mortgage Loan Documents Must Permit Defeasance, Notifying the Internal Revenue Service about Abandonments or Acquisitions (IRS Form 1099-A), Notifying the Internal Revenue Service about Cancellations of Indebtedness (IRS Form 1099-C), Coordination with Reporting Abandonments or Acquisitions, Custodial Account Types, Investments, and Depositories, Custodial Account Requirements and Investments, Fannie Mae’s Rights in Custodial Accounts, Prohibited Use of T&I Custodial Account Funds, Purpose of Collateral Agreement Custodial Accounts, Loan Documents May Require Interest-Bearing Accounts, Custodial Account Requirements Applicable to Clearing Accounts, Timing for Crediting to Custodial Account, Distinct Custodial Accounts for Securitized Mortgage Loans (Other Than PFP MBS), Commingling of P&I Funds Permitted for Cash Executions, Commingling of P&I Funds Permitted for Securitized Mortgage Loans, Separate Accounts for P&I Funds Permitted, Corporate/General Lender Accounts Not Permitted, Election of Cash Remittance System or Automated Drafting System Required, Taxes and Insurance and Other Custodial Accounts, Collections for T&I and Other Obligations, Interest Earned on T&I and Other Custodial Accounts, Commingling of Funds in T&I Custodial Accounts, Periodic Analysis of Borrower’s T&I Obligations and Custodial Account Collections, Monitoring Compliance with Loan Documents, Servicer Certification When Fannie Mae Approval Is Not Required, Servicer Certification When Fannie Mae Approval Is Required, Submitting the Request for Subordinate Financing, Funds as Additional Security for Mortgage Loan, Waiver or Modification of Terms of Collateral Agreement, Achievement Agreement or Other Agreement for Additional Collateral, Draws on Letters of Credit or Application of Other Collateral, Releasing Additional Escrows for Principal and Interest, Taxes and Insurance, and Replacement Reserves, Completion/Repair Loan Document Amendments, Replacement Reserve Loan Document Amendments, Modifications to Replacement Reserve Deposits, When Replacement Reserve Funding Was Partially or Fully Waived, Items Eligible for Funding from the Replacement Reserve, Items Not Eligible for Funding from the Replacement Reserve, Return of Replacement Reserve Funds to Borrower, Alternative Funding of Replacement Reserves for Portfolio Mortgage Loans, Replacement Interest Rate Hedge and Notification, Replacement Interest Rate Hedge Documents and Follow Up, No Financing for Property and Liability Insurance Premiums, Flood Map Changes; Obtaining Flood Insurance, Servicer’s Administrative Costs and Expenses, Required Casualty Loss Property Inspection, Documentation for Required Casualty Loss Property Inspections, Endorsement of Insurance Loss Draft or Check When Payable to Fannie Mae, Endorsement of Insurance Loss Draft or Check When Not Payable to Fannie Mae, Insurance Loss Draft or Check Not Payable to Either Fannie Mae or Servicer, Borrower’s Failure to Diligently Pursue Repair, Decisions Delegated by the Delegated Transaction Form 4636 series, Supplemental Mortgage Loans Not Permitted, Decisions and Actions Delegated and Not Delegated, Seniors Housing Expansion/Conversion Requests, Request Changes in Unit Count/Mix in the MAMP, Bond Transactions and Credit Enhancement Mortgage Loans, Compliance Issues Relative to Bond Credit Enhancement Transactions, Monitoring Compliance; Notification of Noncompliance, Default Notice for Failure to Comply with the Bond Documents, Multifamily Affordable Housing (MAH) Properties, HAP Contract Approval and Releasing Restabilization Reserve, Mortgage Loans with Property Condition Concerns (Not Limited to Watchlist Loans), Property Inspection Frequency; Submission of Property Inspection Forms, Number of Units to be Inspected; “Down” Units, Consultation with Property Manager and Staff, Servicer Property Inspection Quality Control Requirements, Other Property Inspections; Inspection Fees, Electronic Reporting of Financial Analysis of Operations, Request for Waivers of Quarterly and Annual Reporting on Financial Analysis of Operations, Waivers for Reasons Other Than Unresponsive Borrowers, Quarterly Reporting on Financial Analysis of Operations, Quarterly Submission Requirements by Asset Class, Annual Reporting on Financial Analysis of Operations, Annual Financial Analysis Reporting Requirements, Submitting the Annual Financial Analysis of Operations, Obtaining Required Financial and other Reporting Items, Annual Reporting of Guarantor Financial Condition, Failure of Borrower to Provide Required Guarantor Financial Reporting, Lender Review of Required Financial Reporting, Maintenance of Annual Financial Reporting Records, Action Plans for Primary Risk Mortgage Loans, Information Requests and Action Plans for Secondary Risk Mortgage Loans, Defaulted Mortgage Loans on Fannie Mae or Servicer Watchlist, Lender Tenders for Minor or Immaterial Defaults, Definition of Non-Performing Mortgage Loan, Partial Payments by Borrower Do Not Change Date of Default, Timing for Imposition of Late Charges and Default Interest, No Deduction for Late Charges or Default Interest, Enforceability of Late Charges and Default Interest, Notice to Fannie Mae of Performance Default, Full Payment After Expiration of Period Before Assessing Late Charges, Copies of Letters Sent to Borrower; Correspondence with Borrower, Funding Capital Repairs During Default Resolution, Documenting the Property Management Change, Servicer Performs Loss Mitigation Actions, Servicer Workout Action Template (“SWAT”), Fannie Mae Performs Loss Mitigation Actions, Election and Implementation of a Course of Action, Course of Action – Lender Purchase of Mortgage Loan, Course of Action – Lender Workout Election, Documentation and Terms of Lender Workout, Lender Workout Has No Impact on Loss Sharing or Recourse Obligation, Servicer Makes Delinquency Advances But Fails to Report Mortgage Loan Delinquent, Foreclosure Process Continues Unless Otherwise Agreed to by Fannie Mae, Delinquency Advances Must Be Made During Negotiation of Joint Workout, Modification, Extension, and Forbearance Fees, Management of Property Post Title Vesting in Fannie Mae, Course of Action – Note Sale Election or Discounted Loan Payoff, Note Sale and Discounted Loan Payoff Defined, Any Note Sale or Discounted Payoff Gives Rise to Loss Sharing Event, Note Sale – Secondary Risk Mortgage Loans, Discounted Loan Payoff - Secondary Risk Mortgage Loans, Calendar Days 31 through 60 after a Payment Default or Performance Default, No Disclosure of Lender’s Contract Terms to Borrower; Borrower Not a Third-Party Beneficiary of Lender Contract, Asset Audits for Secondary Risk Mortgage Loans, Special Requirements for the Environmental Assessment, Appraisal Notice and Election of Appraisal Methodology, Level 2 and Level 3 In Place Loans – Generally, Loan Modification, Extension and Forbearance Fees. 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