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
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) Replacement Reserve Requests
When submitting a Request for Reimbursement please verify that items are not under warranty. No more than 3 requests are allowed per year. Proof of payment can not be older than 1 year. All replacement reserve requests should include an authorized signature and must be mailed to the Agency. The following items are needed when requesting a Replacement Reserve disbursement:
4) Overages in Escrow Accounts
The Agency requires a two month cushion in Escrow Accounts. Once the two month cushion is met, overages will be refunded upon the quarterly analysis. Any outstanding Liens on the property must be paid prior to the refund. The Agency can pay for Liens from the overage with a written request provided funds are available to meet the obligation.