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In cost-controlled mortgages for FHA New Construction and Substantial Rehabilitation Programs BSPRA is allowed. BSPRA is a mortgageable cost but not a source of cash. For affordable programs (such as Low-Income Housing Tax Credits, Rental Assistance Demonstration (RAD), and Section 202 refinancing), a Developer Fee may be mortgageable as long as BSPRA or SPRA is not also included. In no event may a non-mortgageable Developer Fee be included as part of a market rate transaction, with or without BSPRA

Greg Hunter Changed status to publish February 9, 2021
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