Project Name And/Or Number

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FHA Insured Initial Closing Checklist – For §§§ 207, 220, and 221 Projects

Project Name ______Checklist Draft Date ______

FHA Project Number ______Initial Closing Date ______

Unless otherwise agreed, the HUD Attorney will obtain 3 sets of all documents: originals (O), certified copies (Cert), or photocopies (C), as noted. Where originals are requested, only 1 needs to be an original, and the rest may be copies. If a copy is requested, an original will be accepted. Item HUD Form Status and Comment I. FHA Commitment 1. a. FHA Firm Commitment HUD-92432 Include all attachments including HUD-executed 92264, 92264-A, and property insurance requirements and schedule. Include extensions, if applicable. b. Amendments, if any c. Assignments, if any II. Organizational, Due Diligence, and Other Supporting Documents 2. Borrower’s Incumbency Certificate with O Update checklist as appropriate for entity type. Organizational Documents attached a. Filed formation e.g., Articles of Organization, Certificate of Limited documents, from Partnership, or Articles of Incorporation. Secretary of State, as amended b. Operating Agreement / Should include HUD-required provisions and be certified Partnership Agreement / by Borrower as current and correct. Bylaws, as amended c. Authorizing Resolution If applicable (authority may be granted in governing agreement). d. Status certificate Should be dated w/in 30 days of closing. e. Qualification to Do For out-of-state entities, if applicable. Business in Project State 3. Borrower’s Managing Member / General O As applicable. Partner’s Incumbency Certificate with Organizational Documents attached a. Filed formation e.g., Articles of Organization, Certificate of Limited documents, from Partnership, or Articles of Incorporation.

4.1 Initial Closing Checklist (As of 02/2015) Initial Closing Checklist Project Name and/or Number:

Item HUD Form Status and Comment Secretary of State, as amended b. Operating Agreement / Should be certified by entity as current and correct. Partnership Agreement / Bylaws, as amended c. Authorizing Resolution If applicable (authority may be granted in governing agreement). d. Status certificate Should be dated w/in 30 days of closing. e. Qualification to Do For out-of-state entities, if applicable, and if required by Business in Project State state law. ALTA Survey Plat with Dated within 120 days of closing. 4. HUD Survey Certification HUD Survey Instructions Last inspection within 120 days of closing. 5. HUD-91073M and Surveyor’s Report 6. Title Insurance Policy, with 2006 ALTA form, where approved for use in the applicable endorsements jurisdiction. HUD-required endorsements shall be attached. Title exception documents and pro forma policy should be received & reviewed prior to closing. Include authority letter for title agent, if applicable. a. Title Exception Documents b. UCC Search Report Deed or Ground Lease HUD-92070M, if Ground 7. Lease Evidence of Zoning Usually a zoning endorsement to Title Policy; if not, a 8. Compliance zoning opinion or letter from the zoning authority may be needed. Assurance of Utility Service Letters: water, sanitary & storm sewer, electricity, gas, & 9. phone. 10. Opinion of Borrower’s Should include appropriate attachments. HUD-91725M Counsel a. Certification of Borrower HUD-91725M-CERT b. Supporting legal opinion Bond/LIHTC opinions, if applicable.

Item HUD Form Status and Comment c. List of pending litigation If applicable. 14. Application for Insurance of HUD-92403 Advance of Mortgage Proceeds 15. Inspection Fee Check If applicable. Mortgage Insurance If applicable. 16. Premium (MIP) Check Additional Examination Fee If applicable. 17. Check 18. Special Conditions from If applicable. Firm Commitment 19. Local Requirements 20. Attendance List If applicable. III. HUD Loan Documents Note (Multistate) HUD-94001M & state State-specific provisions and/or addenda may be required. 21. addendum Security Instrument HUD-94000M & state State-specific provisions and/or addenda may be required. 22. addendum 23. Regulatory Agreement HUD-92466M 24. UCC Financing Statements (State & County) 25. Building Loan Agreement HUD-92441M 26. Lender’s Certificate HUD-92434M With all applicable exhibits and attachments. Lender’s Assurance of 27. Permanent Financing 28. Certified Closing Statement 29. Agreement and Certification HUD-93305M 30. Operating Deficit Escrow HUD-92476a-M Escrow Agreement for 31. HUD-92412M Working Capital Other escrow agreements, if List as required, see Closing Guide § 2.8. 32. applicable 33. Borrower’s Oath HUD-92478M Must be given under oath in accordance with state law

Item HUD Form Status and Comment requirements for taking an oath, in order to fulfill National Housing Act requirements. IV. Construction Documents Owner-Architect Agreement 34. HUD-92408-M (B108) & HUD Amendment Certification of Architectural See sample language in Closing Guide § 5.7. 35. / Engineering Fees Mortgagor’s and Architect’s 36. HUD-92403.1 Certificate of Payment Architect’s Insurance For both design and supervisory architects, if different. 37. Agent’s Certificate 38. Building Permit(s) Construction Contract and Include all appropriate exhibits. HUD-92442M 39. HUD Supplementary HUD-92554M Conditions 40. Assurance of Completion for Either bonds or completion assurance agreement. Project a. Bonds i. Performance HUD-92454M Bond ii. Payment Bond HUD-92452A-M iii. Surety’s Power Original to be attached to each bond or to each of Attorney Performance/Payment Bond set. iv. Surety’s To be sent on closing day from surety’s corporate office, Fax/Email Letter not broker’s office, confirming Power of Attorney. b. Completion Assurance HUD-92450M Agreement i. Evidence of As applicable. Deposit or Letter of Credit 41. Plans and Specifications Final, signed by Architect and collected by housing staff. Completion Assurance HUD-92479M, if using Also, list other required documents if applicable and as 42. Documents for Off-Site bond, HUD-91071M if required by HUD, pursuant to § 3.5.D. of the Closing Improvements using escrow Guide.

Item HUD Form Status and Comment If project jurisdiction requires. Recording may also be 43. Notice of Commencement required. V. Secondary Financing Documents Restrictive Covenants / Use With HUD rider if applicable. 44. Agreements 45. Secondary Financing Loan Documents a. Loan Agreement b. Note c. Mortgage d. Subordination If private, non-governmental secondary financing is Agreement, or Rider to Note approved, a Rider to the second mortgage is used (see HUD-92420M and Mortgage Closing Guide § 5.1); if public financing, the HUD Subordination Agreement is required. 46. Disbursement Agreement If applicable. VI. Supplemental Bond/LIHTC Deliverables Restrictive Covenants / Use With HUD rider if applicable. 47. Agreements 48. Bond Counsel Opinion VII. HUD Administrative Documents and Additional Requirements Administrative Memo with If applicable. 49. attached Waivers and HUD-2 forms Document Review If used by program staff to document compliance with cost, 50. Worksheets, if applicable valuation, architectural, or other underwriting requirements. Previous Participation 51. HUD-92530 Certification Clearance 52. Closing Memorandum HUD-290 Environmental Permits As applicable: U.S. and State Environmental Protection 53. Agency Permit, Wetlands Permits from Army Corps of Engineers. Bond Guaranteeing If applicable. 54. HUD-92477M Sponsor’s Performance

Item HUD Form Status and Comment Commercial Space Leases If applicable. 55. (with Tenant Estoppel Certificates) Subordination, Non- If applicable. See sample form in Housing Notice 2011-07. 56. Disturbance and Attornment Agreements Lender’s Byrd Amendment Unless collected previously by Housing. 57. Certificate

4.1 Initial Closing Checklist (As of 02/2015)