19.4.11.8 Determinative Criteria for SLP Pre-Approval

A. The RC Director will approve the SLP as a temporary replacement GP/MM unless the RC Director, with the advice of the HUD Closing Attorney, reasonably determines that the SLP would not be an appropriate temporary replacement general GP/MM, or that such pre-approval is otherwise not in HUD’s interest. In

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making such determination, the RC Director and the HUD Closing Attorney may consider the following factors:

1. The number of projects the SLP and/or affiliated entities have under asset management;

2. The number of times SLP and/or affiliated entities have replaced general partners/managing members and the results of such replacement. Specific examples should be provided and considered;

3. The SLP’s process for monitoring projects and determining whether replacement of the general partner/managing member is appropriate; and

4. How the asset management unit of the SLP and/or affiliated entities is staffed in relation to the number of projects it oversees.