Assignment of Housing Assistance Payment (HAP)

[Brad McCoy]

I just sold my one and only SFR after holding for 16 years. I have a 1031 exchange set up and am under contract to buy a 20 unit apartment complex. It's a huge step for me. The current owner has the entire building set up through HUD for the elderly and disabled and I am looking to continue that model. I had a meeting with HUD to see what they would need to transfer the contract to me and received "Exhibit 2" for Assignment of Housing Assistance Payment Contract. It outlines 27 items they want. It then goes under review for 30-60 days before they approve or not. I'm sure several people have navigated through this. I am looking for any advice or pointers to get these 27 items knocked out. Any help would be appreciated!

HUD did explain some of the items and they said they could help with some of them, particularly the forms. I was wondering if anyone had a packet they had submitted they would share with me for an example.

Also, HUD advised me at first I could do a self-assessment for the Capital Needs Assessment, but after speaking with their director they are now requiring me to have one done by someone on HUD's approved list. What has your experience been when someone comes in to conduct a CNA?

Thank you in advance!