05.27.2010 Navigating the Pitfalls of HUD's Lean Program
05.27.2010With much fanfare, HUD enacted its new LEAN program on March 1, 2009, thereby replacing HUD’s Multi-family Accelerated Process (“MAP”) approved lender program for Section 232 applications. The number of financings closed under the LEAN program in the past year, however, has been less than expected due to pitfalls that have delayed or halted LEAN closings. This Alert discusses a few of these pitfalls, which should be considered when engaging in the HUD LEAN approval process.
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