Hud 242 Regulatory Agreement

HUD-92476B-OHF Fiduciary agreement for the proceeds of the partial release of guarantees. New document relating to the constitution of a trust agreement and a fiduciary account as part of the approval process for the partial release of guarantees insured by the FHA. The document defines the authorized use of deposit products, including use for secure real estate improvements, purchase of equipment, or major payments of the mortgage insured by the FHA. Seeks written approval of all advances by HUD and the lender. Two new forms are added to this collection: HUD-92266-OHF (application for transfer of physical assets) and HUD-92476B-OHF (trust agreement for the proceeds of partial release). Form HUD-92266-OHF is based on an existing collective ex officio form, amended for insured hospitals in accordance with Section 242. The application collects the information required for OHF employees to review applications to transfer insured physical assets to new buyers who will continue to hold the FHA insured loan. HuD-92476B-OHF is added to provide a model fiduciary agreement in rare cases where a borrower sells and requests the release of hud collateral. Both documents are based on existing versions used by the Housing Agency in other mortgage insurance programs, but which have been modified to properly reflect the requirements of the Section 242 program. These markers allow the user to see how the document follows the Document Drafting Handbook used by agencies to create their documents. These can be useful for better understanding the structure of a document, but are not part of the published document itself. Application HUD-92266-OHF for the transfer of physical assets.

New document based on an existing Office of Multifamily Housing application form for the transfer of physical assets, amended for section 242 insured hospitals. Comments should relate to the proposal with the name and/or OMB control number and be sent to: Collette Pollard, Report Management Officer, QDAM, Department of Housing and Urban Development, 451 7th Street SW, Room 4176, Washington, DC 20410-5000; Phone (202) 402-3400 or email Colette.Pollard@hud.gov for information. People with a hearing or voice disability can access this number via TTY by calling the free federal relay service at (800) 877-8339. Comments by fax are not accepted. Thirty-five of the forty documents in the collection are renewed without any change in operational content, with the exception of updated charging hour estimates and additional language that is added to the load descriptions to ensure that the requirements set out in CFR 1320.8(b)(3) are met. Additional language (specific to the term «punishable perjury») has also been added to illustrate fraud warnings and certifications for certified forms. Revisions are proposed for HUD-92466-OHF (Regulatory Agreement), HUD-92422-OHF (financial and statistical data for HUD Reporting) and HUD-94000-OHF (Security Instrument) to include changes made to clarify current guidelines and definitions, reflect updated generally accepted accounting standards, or address minor inconsistencies between documents. . . .