HUD Proposes Revisions to Multifamily Asset Handbook

HUD recently released draft revisions of five chapters of Handbook 4350.1, Multifamily Asset Management and Project Servicing. While Handbook 4350.1 is primarily for HUD Multifamily field staff who monitor owners and managing agents so that HUD-assisted sites are maintained in good physical and financial condition, the Handbook can be a useful reference for owners as well. The five draft chapters address physical conditions, budget-based rent adjustments, civil rights enforcement, Section 8 pass-through leases, and releases and satisfactions.

The handbook is being revised to incorporate current housing notices and policy updates, mortgagee letters, and regulatory and statutory directives. HUD’s plan is to release individual chapters to the Multifamily Drafting Table as they become available and eventually publish each as either an individual stand-alone chapter or as units of interrelated material.

The public is invited to email comments by Dec. 2. Comments may be submitted by completing the corresponding worksheet available on HUD’s Multifamily Housing Policy Drafting Table and emailing the file to MFHDraftingTable@hud.gov. Chapters now posted to the Drafting Table include:

• Chapter 2.02- Physical Conditions
• Chapter 2.06- Budget Based Rent Adjustments
• Chapter 4.11- Releases and Satisfactions
• Chapter 5.02- Civil Rights Enforcement
• Chapter 7.02- Section 8 Pass-Through Leases