A.5.7.2.3 10-Year Updates or Other CNAs Required by Asset Management

A. CNAs prepared to meet the periodic update requirement at intervals of not greater than 10 years or to support other asset management functions are subject to guidance and supervision by the Office of Asset Management and Portfolio Oversight (OAMPO), a division of the Office of Multifamily Housing, and are subject to Handbook 4350.1, as amended. This includes the timing, funding, and management of any Critical or Non-critical repairs identified. Such CNAs must be prepared by an independent third-party Needs Assessor hired by the Servicing Lender[73] consistent with the qualifications for assessors described in Chapter 5, Section 5.2. The Servicing Lender is responsible for reviewing, certifying and submitting the CNA for review by HUD-OAMPO account executives and/or HUD MF Production Technical Branch staff.