Under existing and proposed rules, Section 207.258(b)(1)(i) provides for the mortgagee to assign the mortgage to HUD within 30 days of the mortgagee's election to assign. This language is inconsistent with procedures that HUD has implemented for decades. Instead of measuring the deadline for the assignment to HUD from the date of the mortgagee's election, HUD has provided the mortgagee with a deadline measured from the date of HUD’s acknowledgment of the mortgagee's election. A simple way to correct Section 207.258(b)(1)(i) is to delete “, at any time within 30 days after the date of notice of the election," from the sentence.
Comment Submitted by Mary Martell, Martell & Associates
This is comment on Proposed Rule
FR–5393–P–01 HUD Multifamily Rental Projects: Regulatory Revisions
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