Publications > Probate & Property Magazine > 2012

May/June 2012

HUD’s Multifamily Rental Project Closing Documents

Cover Story

HUD’s Multifamily Rental Project Closing Documents By Ann vom Eigen, Damon Y. Smith

In 2011, the Department of Housing and Urban Development (HUD) revised its Federal Housing Administration (FHA) multifamily closing documents in recognition of modern commercial real estate legal structures (such as changes in the forms of asset ownership), to reduce the FHA’s bad loan risks and improve the efficient management of FHA programs by placing new obligations on lenders to perform more of the due diligence required for loan underwriting that was formerly performed by the FHA, and to require borrowers to recognize their responsibility for managing project operations in manner that prevents waste, fraud, and abuse.

Departments
Features
  • HUD’s Multifamily Rental Project Closing Documents
  • By Ann vom Eigen and Damon Y. Smith
    • In 2011, the Department of Housing and Urban Development (HUD) revised its Federal Housing Administration (FHA) multifamily closing documents in recognition of modern commercial real estate legal structures (such as changes in the forms of asset ownership), to reduce the FHA’s bad loan risks and improve the efficient management of FHA programs by placing new obligations on lenders to perform more of the due diligence required for loan underwriting that was formerly performed by the FHA, and to require borrowers to recognize their responsibility for managing project operations in manner that prevents waste, fraud, and abuse.
  • Jicarilla Apache Nation
  • By Gerard G. Brew and Dana G. Fitzsimons Jr.
    • The fiduciary exception and the accompanying uncertainty about the attorney-client privilege were recently brought into the spotlight by the U.S. Supreme Court’s decision in United States v. Jicarilla Apache Nation, which considered whether the fiduciary exception applies to the United States as trustee for certain Apache Indian lands.
  • Writing Good, Legal Sense and More or Less
  • By Mark A. Senn
    • The title makes sense to an experienced lawyer but probably not to anyone else. By following just 10 easy rules, anyone can learn to write titles just like it. By avoiding them, a lawyer can be understood by almost everyone.
  • Putting the Increased Estate to Work
  • By H. Joseph Price Jr. and Sarah L. King
    • The portability provisions and the increased federal transfer tax exemptions of the Tax Relief, Unemployment Insurance Authorization and Job Creation Act of 2010 have dramatically increased the value of the estate that a client can give away during life or own or control at death without incurring federal transfer tax, at least until the end of 2012.
  • Environmental Laws of Namibia
  • By Stephen W. Snively
    • Despite overwhelming challenges, Namibia has made conservation and environmental protection a national priority and taken the steps necessary to assure that the beauty of its landscapes, the abundance of exotic wildlife, and the precious heritage of its people are all preserved for future generations.
  • Foreign Investment in U.S. Real Property
  • By Amy P. Jetel and Elliott H. Murray
    • As potential advisors to foreign investors, U.S. lawyers should be aware of the tax and reporting obligations that their clients will incur when holding U.S. real property.
  • The Specter of Civil Law Clawback Actions Haunting U.S. and UK Charitable Giving
  • By Aaron Schwabach
  • The recent European Union proposal to bring about a more uniform body of law governing choice of law and related issues in international inheritance cases is, perhaps, a necessary response to the increasingly international nature of the EU’s (and the world’s) inhabitants and their assets, but as written, it is rather heavily tilted toward the civil law values of continental Europe and threatens to collide jarringly with common law traditions, in particular the U.S. fondness for trusts and charitable giving.

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