19.4.10.4 Tax-Exempt Bond/IRS Code 142(d) Projects
HUD Multifamily Accelerated Processing (MAP) Guide, HUD Handbook 4430.G (2020 ed., rev. Mar. 19, 2021) · 2026 edition · updated 2026-10-05 · United States
A. Projects financed with the proceeds from tax-exempt bonds pursuant to the Internal Revenue Code, Section 142(d), must meet minimum low-income occupancy restrictions. Project owners will typically record restrictive covenants against the project to ensure compliance with occupancy and use requirements. Such restrictive covenants must be subordinated to the FHA Security Instrument, Regulatory Agreement and Program Obligations, as discussed below.
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Chapter 19 Page 19-49
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Chapter 19 Closing Guide 19.4 Document and Diligence Requirements
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