Loan Servicing Requirements For DCHFA Financed Multifamily Projects
1) Monthly Mortgage Payments
- Payments are due on the 1st of each month
- Late fees will be assessed on the next business day following the 15th
- Late fees are rarely waived.
2) Property Taxes
- Taxes are paid in one lump sum for all properties serviced by the Agency
- Bills are needed in order for the Agency to process
- Bills should be provided to the Agency by March 1st and September 1st
- The Agency will not hold-up processing if bills are not in on time
- Properties will need to pay the bills if they are not received on time and then request for reimbursement from the escrow account.
3) Wiring Monthly Payments
- ALL monthly payments must be wired beginning October 1, 2008
- The Agency will no longer accept checks beginning October 1, 2008
4) Replacement Reserve Requests
- Cover Letter
- Itemized Spreadsheet
- Check for warranties
- Copies of invoices and proof of payment is required
- No more than 3 requests allowed per year
- Proof of payment can not be older than 1 year
- All replacement reserve requests should include original signatures and must be mailed to the agency.
5) Overages in Escrow Accounts
- Two month cushion before refund
- No Liens can be assessed on the property before refund
- Agency can pay for any Liens from the overage after a written request.