A.13.2 Agreement Authorizing Deferment of Principal Payments for Level Annuity Monthly Payment
A.16.1 Sample Master Lease Ownership Structure
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. MF Housing currently requires the MAP Lender to provide a rendering of an organizational structure in the Underwriter Narrative for a loan application. Examples of two structures are below.
Example 1: Organization Structure/Transaction Chart (Federal Historic, State Historic, New Markets Tax Credits)
| Tax Credits) | ||||
|---|---|---|---|---|
| State Historic Tax | Managing Member(Building | Managing Member94% | ||
| Credit Investor 0.1% | Manager, LLC) 99.99% | |||
| Owner/ |
Member1% | |||
| Asset Mortgagor Entity | ||||
| (Owner, LLC) | ||||
| Member1.6665% | ||||
| Member1.667%Member | ||||
| 1.6665% | ||||
| HUD Insured Loan | ||||
| Master Lease | Master Commercial Sub- Lessor(Operating Company, |
Property Management Agreement |
||
| LLC) | ||||
| Managing Member | Apartment Manager | |||
| (Building Manager, LLC) | ||||
| 0.01% | ||||
| New Markets/ |
Residential Leases with | |||
| Historic Tax Credit | Tenants | |||
| Investor Member | ||||
| 99.99% | ||||
| Managing Member | Commercial Master Tenant | |||
| (Building Manager, LLC) | (Commercial Sub-lessor, LLC) | |||
| 100% | ||||
| Leases with Commercial | ||||
| Tenants |
MAP Guide, March 2021 Go to beginning of Appendix 16
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Appendix 16 Organizational Chart for Lease Structure A.16.1 Sample Master Lease Ownership Structure
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Example 2: Organization Structure/Transaction Chart (Federal Historic, State Historic, New Markets Tax Credits)
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State Historic Tax Managing Member (Building Managing Member 94% Credit Investor 0.1% Manager, LLC) 99.99% Owner/Landlord Member 1% (Owner, LLC) Member 1.6665% Member 1.667% Member 1.6665% HUD Insured Loan Master Lease [MASTER TENANT] [ – Operating ] Property Management Company/Tenant (Operating Agreement Company, LLC) Managing Member Apartment Manager (Building Manager, LLC) 0.01% New Markets/Federal Residential Leases with Historic Tax Credit Tenants Investor Member 99.99% Managing Member Commercial Master Tenant (Building Manager, (Commercial Sub-lessor, LLC) LLC) 100% Leases with Commercial Tenants
MAP Guide, March 2021 Go to beginning of Appendix 16
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Appendix 16 Page A16-2
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Acronym and Abbreviation List
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