19.5.1.1 General

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. The Building Loan Agreement (form HUD-92441M), sets out the agreement and terms under which Lender will loan funds to Borrower for insured advances for new construction and substantial rehabilitation (e.g., Section 221(d)(4)).

B. The RC Director determines whether the disbursement agreement and any Retainage Reduction Rider are consistent with Program Obligations, including 24 CFR 200.54 (discussed below), the Firm Commitment, and construction draw and progress schedules.

C. The Building Loan Agreement in Section 4(a) permits use of a Retainage Reduction Rider. The Retainage Reduction Rider may be used in certain situations approved by the RC Director. See Chapter 12, Section 12.15.5. The Retainage Reduction Rider is not a HUD form, but it must be reviewed by the RC Director and HUD Closing Attorney for programmatic and legal sufficiency, respectively.

D. For Section 241 transactions not subject to prevailing wage requirements, the provisions of the Building Loan Agreement regarding prevailing wages may be stricken.

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▸Contents — HUD Multifamily Accelerated Processing (MAP) Guide, HUD Handbook 4430.G (2020 ed., rev. Mar. 19, 2021)

HUD Multifamily Accelerated Processing (MAP) Guide, HUD Handbook 4430.G (2020 ed., rev. Mar. 19, 2021)

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