Form Rd 3560 20 PDF Details

Navigating the complexities of property transfer within the multifamily housing sector under the United States Department of Agriculture (USDA) oversight can be intricate, with the Form RD 3560-20 serving as a critical piece of documentation in this process. This form is specifically designed for the transfer and assumption of multifamily housing projects under USDA jurisdiction, requiring detailed submission from the parties involved. It seeks a comprehensive overview of the proposed transaction, including project specifics—ranging from the project's name and address to the intricate details of the current and proposed ownership. Financial specifics about the loan, including lender details, original and current balances, and loan eligibility for prepayment, are coupled with project information—such as family or elderly designation, income level accommodations, and rent details—to present a full picture of the housing situation pre and post-transfer. Furthermore, it delves into reserve account statuses, project condition and compliance assessments (touching upon everything from physical condition to managerial compliance), and even anticipated impacts of the transaction on the project's viability and security as loan collateral. The form not only acts as a record for regulatory compliance but also aids in understanding the broader implications of such transfers on affordable housing availability and quality, putting a spotlight on the USDA's role in ensuring sustained access to decent, safe, and sanitary housing.

QuestionAnswer
Form NameForm Rd 3560 20
Form Length6 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min 30 sec
Other namesTransferor, transferees, unearned, deffered

Form Preview Example

Form RD 3560-20

FORM APPROVED

(02-05)

OMB NO.0575-0189

 

Multi-Family Housing Transfer and Assumption

Review and Recommendation

I.USDA HAS RECEIVED AN APPLICATION FOR A PRESERVATION TRANSFER AND ASSUMPTION OUTLINED BELOW:

Name of Project:

Street Address or Project (w/zip code):

Name of Project's Current Owner (Transferor):

Name of Project's Proposed Transferee:

Expected Date of Transfer:

Reason for Transfer:

II. LOAN INFORMATION

As of Date:

Lender/Lien Holder

 

Lien/Promissory Note Date

Original Amount

Current Balance

Current? (yes/no)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

is project eligible to prepay?

Project's restrictive use agreement expires/expired?

III. PROJECT INFORMATION:

 

 

Family

 

Elderly

 

 

Congregate

 

 

 

Rent Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bedroom size

No. non-

No. income

Current Basic

Post-Transfer

Estimated Market

income units

 

units

Rent

Basic Rent

Rent in Area

 

 

 

 

0Bedroom I Bedroom 2 Bedroom 3 Bedroom 4 Bedroom

Total Units

If HUD subsidized, is project under Plan II ?

Tenant Subsidy at project:

Current Post-Transfer

USDA Rental Assistance (RA)

HUD project-based Section 8

Other:

Other:

Total sudsidized units:

According to the Paperwork Reduction Act of 1995, an agency may not conductor sponsor, and a person is not required to respond to a collection of information unless it displays a valid OMB control number The valid OMB control number for this information collection is 0575-0189. The time required to complete this information collection 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.

1

IV. RESERVE ACCOUNT INFORMATION

Current annual reserve transfer requirements:

(=

per unit)

As of:

Current reserve account balance

Required reserve account balance

Underfunded balance

V. PROJECT CONDITION AND COMPLIANCE INFORMATION

MFIS Classification:

Date of last supervisory visit:

 

Date of last walk-about physical inspection:

 

Date of last compliance review:

 

Note any accessibility issues unresolved at the project.

Estimated cost to correct:

Note any deferred maintenance issues unresolved at the project.

Estimate cost to correct:

The loan account is current.

The reserve account is on schedule, less authorized withdrawals.

The taxes and insurance account is on schedule and all outstanding bills paid.

The security deposit account if fully funded. 'There are no outstanding maintenance items.

Management is satisfactory.

There are no open OIG audit findings or investigations against the borrower or related entities.

The borrower and members of the borrower entity are in compliance on all other projects or complying with an approved workout plan for a minimum of 6 months.

All necessary repairs to assure that the housing will be decent, safe and sanitary, and other improvements proposed by the applicant to enhance long-term viability of the housing agreed to by USDA.

Last appraised value of project:

as of

2

VI. APPRAISAL
1. The proposed transaction:
WILL WILL NOT prevent or make more difficult the successful operation of this property.
WILL WILL NOT reduce the efficiency of the property.
2. The proposed transaction will affect the value of this property as security of the loan as follows:

3.The following

damages or

benefits will result to this property from the transaction:

VII. OTHER

Are transferees occupying the property?

If any portion of the property is currently leased, the terms and conditions of the lease have been reviewed and the lease is transferable to the new owner for the life of the loan if necessary.

Explain any change in marital status of transferors since they received the loan.

Agreement discloses the payment and/or assumption of prior and junior liens.

The assignment of property insurance and paid unearned premiums is disclosed.

Distribution of any income from rentals, casements, mineral leases, etc. is disclosed.

Diposition of existing abstracts of title, owner's title insurance policy or other title evidence is described.

Expenses to be paid by transferors and transferees are detailed.

Note any special transfer and assumption approval conditions recommended:

3

SOURCES AND USES OF FUNDS

Example Apartments transfer to Preservation Associates, LP

 

 

 

 

PERMANENT SOURCES OF FUNDS:

 

 

 

 

 

 

 

 

 

 

USE OF FUNDS

 

Tax Credit

USDA Assumption

Lender Name

Other

Other

Other

Total Acquisition Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Rehab Costs

 

 

 

 

 

 

 

Total Relocation Expenses

 

 

 

 

 

 

 

Total new Construction Costs

 

 

 

 

 

 

 

Total Architectural Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Survey & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Construction Interest & Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Permanent Financing Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Attorney Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Reserve Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Appraisal Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Contingency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Other Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Developer Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PROJECT COST

 

 

 

 

 

 

 

 

Balanced

 

 

 

 

 

4

Permanent Financing Detail (for all sources other than USDA and tax credit)

Funding Source

Loan Amount

Interest Rate

Amortization (yrs) Term (yrs)

Monthly Payment

Indicate if residual receipts, deffered, etc.

Lender Name

Other

Other

Other

Interim Financing Detail (for all sources other than USDA)

Funding Source

Loan Amount

Interest Rate

Amortization (yrs)

Term (yrs)

Monthly Payment

Indicate if residual receipts, deffered, etc.

 

 

 

 

 

 

 

Community Bank

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

5

Multi-Family Housing Transfer and Assumption

Review and Recommendation

We further agree that:

(a)Any payments received by USDA (Agency) for application on Agency direct debts secured by the real estate being transferred which are not reflected on the latest transaction record used for determining the amount of the account shall not be applied until after the transfer is completed or disapproved. When the transfer is completed, any funds held in suspense by the Agency will be applied to the transferee's assumed Agency indebtedness.

(b)The total consideration for the conveyance of the security is

 

 

$

 

 

 

 

 

 

 

 

 

 

(c) The transferee will:

 

 

 

 

 

(1)

Assume an indebtedness to the Government

 

 

 

 

 

 

 

 

 

of

 

 

$

 

 

(2)

Assume indebtedness

 

 

 

 

 

to

 

 

 

 

 

 

of

 

 

$

 

 

(3)

Assume indebtedness

 

 

 

 

 

to

 

 

 

 

 

 

of

 

 

$

 

 

(4)

Pay the transferors (as

 

 

 

 

 

equity)

 

$

 

 

CERTIFICATION:

We hereby certify that the information given above concerning agreements between us is correct and is fully understood.

 

 

TRANSFEROR/CO-TRANSFEROR

 

DATE

 

 

 

 

 

 

 

 

 

TRANSFEREE/CO-TRANSFEREE

 

DATE

 

 

I recommend that this application be approved.

 

 

Date

 

Recommended by:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Title)

Date

 

Recommended by:

 

 

 

(Title)

UNITED STATES DEPARTMENT OF

AGRICULTURE

6

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1. While completing the MFIS, ensure to include all necessary blank fields in their corresponding form section. This will help to hasten the process, making it possible for your details to be processed fast and properly.

Tips to prepare unearned portion 1

2. Soon after filling in the previous part, go on to the next stage and fill in all required details in all these blanks - I Bedroom, Bedroom, Bedroom, Bedroom, Total Units, If HUD subsidized is project under, Tenant Subsidy at project, Current, PostTransfer, USDA Rental Assistance RA, HUD projectbased Section, Other, Other, Total sudsidized units, and According to the Paperwork.

Current, Other, and If HUD subsidized is project under of unearned

3. This part is usually easy - fill in all of the form fields in IV RESERVE ACCOUNT INFORMATION, Current annual reserve transfer, per unit, As of, Current reserve account balance, Required reserve account balance, Underfunded balance, V PROJECT CONDITION AND COMPLIANCE, MFIS Classification, Date of last supervisory visit, Date of last walkabout physical, Date of last compliance review, Note any accessibility issues, Estimated cost to correct, and Note any deferred maintenance in order to complete this segment.

Simple tips to fill out unearned portion 3

4. It's time to proceed to this next section! Here you will get these The taxes and insurance account is, The security deposit account if, There are no outstanding, Management is satisfactory, There are no open OIG audit, The borrower and members of the, workout plan for a minimum of, All necessary repairs to assure, applicant to enhance longterm, Last appraised value of project, and as of empty form fields to do.

unearned completion process outlined (step 4)

5. The pdf must be completed by going through this part. Below you'll find a full set of fields that have to be filled out with accurate details to allow your form usage to be complete: The proposed transaction, WILL, WILL, WILL NOT prevent or make more, WILL NOT reduce the efficiency of, The proposed transaction will, The following, damages or, benefits will result to this, VII OTHER, Are transferees occupying the, If any portion of the property is, Explain any change in marital, Agreement discloses the payment, and The assignment of property.

unearned completion process shown (stage 5)

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