The absorption period used in estimating market demand for proposed newly constructed or substantially rehabilitated units should not exceed 18 months from delivery of the first units. The absorption period should be supported by the MAP Underwriter and fully explained in the Lender’s Narrative. Larger projects may phase in additional units under a separate application for mortgage insurance. An exception to the 18-month limitation on the absorption period may be considered by the Regional Center or Satellite Office Director for large high-rise buildings, which will be evaluated based on their own merit and will require a larger initial operating deposit.