7.15 Leaseholds/Ground Leases
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. HUD may insure a leasehold deed of trust (or mortgages) that constitutes a mortgageable interest under the law of the state in which the project is located and otherwise meets the requirements of the National Housing Act and this Section. However, HUD prefers to provide insurance on deeds of trust and mortgages secured by a project owned in Fee Simple. The MAP Lender’s underwriting and appraisal analysis must fully describe the interest in a Leasehold Estate transaction and related values. Except as specifically noted below, waivers of this Section and modifications to the HUD Lease Addendum (form
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Chapter 7 Valuation & Market Analysis 7.15 Leaseholds/Ground Leases
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HUD-92070M) are not permitted in the field and must be processed in HQ except for affordable transactions with a governmental entity as the lessor.
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