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HUD/OH RIN: 2502-AI73 Publication ID: Fall 2010 
Title: Prohibiting Use of Tax Credit Proceeds for Project Completion Escrow or Deposit (FR 5290) 
Abstract: This rule would conform HUD's Federal Housing Administration (FHA) multifamily mortgage insurance regulations to a provision in title VIII of the Housing and Economic Recovery Act of 2008 that prohibits a requirement that tax credit sales proceeds be placed into escrow, at the time of initial endorsement, for use for assurance of project completion and for future expenses, including the initial service charge, carrying charges, and legal and organizational expenses incident to the construction of the project. This rule would not prohibit HUD from requiring other, non-escrowed expenses necessary for upfront costs, underwriting needs, or otherwise to assure completion of the project. 
Agency: Department of Housing and Urban Development(HUD)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 24 CFR 200   
Legal Authority: 12 USC 1715s, sec 2834(c) of PL 110-289    42 USC 3535(d)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  10/09/2009  74 FR 52354   
NPRM Comment Period End  12/08/2009    
Final Action  08/23/2010  75 FR 51914   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Iris Agubuzo
Project Manager
Department of Housing and Urban Development
Office of Housing
Room 6158, 451 7th Street SW.,
Washington, DC 20410
Phone:202 708-1142
TDD Phone:800 877-8339