A.8.3.8 Decision

A. Upon receipt of the request for prior approval, the Technical Support Division will review the submission and within 45 days issue a decision that will:

1. Explain the reasons for the decision, identifying areas or issues of strength and/or weakness.

2. Define the terms and conditions, if any, which may attach to the decision.

3. If adverse, define remedies or conditions which would allow reconsideration.

4. Quantify the net worth and liquidity available to the principal(s) in light of analysis of the principal’s existing business operations and pending transactions.

5. Identify specific projects proposed for insurance (or alternatively, when specific projects are yet to be determined, the location(s) and kinds of insured transactions, e.g. refinancing, new construction, etc.) which are given prior approval and the estimated aggregate sum of the principal’s cash or other liquid assets required to close these transactions.

6. Identify FHA insured multifamily and/or healthcare projects currently in process within HUD’s production offices indicating location, types of transactions, proposed loan amount and estimated aggregate sum of the principal’s cash to close the transactions.

7. Identify steps, if any, that Regional/Satellite Offices and lenders must take to coordinate completion of the proposed schedule of applications and resulting commitments and closings.

8. Describe the process to be followed by the lender in the event of any appeal of the decision on the request for prior approval.

B. The Director of the Technical Support Division will send the written decision to the lender and to the originating Multifamily Regional Center/Satellite office as well as to each other office with jurisdiction for any of the named projects proposed for insurance. In addition, the decision will be made available to all other Multifamily Regional Center/Satellite offices at the HUD Multifamily SharePoint site.