For Project Development and Preservation

Richard Silverblatt Associates, Inc.
Development Milestones

Fund Reservation

State/Local Approvals

Firm Commitment Application

Pre-Construction Conference

Initial Closing

Construction Period

Rent-Up and Marketing

Pre-Cost Certification Conference

Cost Certification

Project Rental Assistance Contract

Occupancy Requirements

Final Closing


Developing a Strategy for Project

Applying for a Contract Rent

Reviewing Replacement Reserves

Refinancing a Section 202 Direct Loan

REAC Inspections

Establishing a Project Library


HUD Bookletters

HUD Forms

HUD Handbooks

HUD Information & Web Sources

HUD Notices

HUD NY HUB Handouts

Practical Guide to 202/811 Terms

Preliminary Documents to be Submitted for Initial Closing

Please refer to Completing Forms in How to Use the Guide for instructions on filling out forms.

Prior to the Initial Closing, HUD will request the following to be submitted to the assigned Project Manager:

1. Capital Advance/Building Loan Agreement, Form HUD-90167-CA-NY (Attached is a sample; HUD will provide the completed form for your project.)

2. Requisition for Disbursement of Funds, Form HUD-92403-CA

3. Direct Deposit Sign-Up Form, SF 1199A
and a voided check from the new construction account.

4. Contractor's and/or Mortgagor's Cost Breakdown, Form HUD-2328, based on approved numbers in the firm commitment. Three original forms, signed and dated by the general contractor and by the owner are to be submitted to HUD.

5. Schedule of Developer's Fee, if revised from the schedule submitted at firm commitment.

6. Applicant/Recipient Disclosure/Update Report, Form HUD-2880

7. Final plans and specifications that are ready to be signed at the Initial Closing (2 sets). Typically, the specifications include the AIA Document A201-1997, General Conditions of the Contract for Construction (Project Architect to provide), as well as Supplementary Conditions of the Contract for Construction, Form HUD-2554.

HUD designates one of the sets of plans and specifications to be signed as the "Master" and the other is the "Inspector's Copy". Both sets remain in the HUD office. At the Initial Closing, both sets of plans and specs are signed by the Owner, general contractor, bonding company representative, and the architect. The Master is signed and initialed by each person on the first page of the plans and the specs and then initialed by each party on each subsequent page. On the "Inspector's" set, each person signs the first page and initials the last page.

8. If applicable, the Owner will prepare the LOCCS and eLOCCS authorization forms.

9. Other requirements that may be on the Firm Commitment issued by HUD.

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