HUD is going to require someone on the development team with
experience building a project of a similar size and scope to the proposed

For instance, if you want to build a 100 unit apartment building, you
should have someone on the team that has developed (as an owner) a
70+ unit development before. Having an experienced general
contractor or management company is not a substitute for this

That individual with the experience should also be a key principal, which
means they should have at least 15% ownership of the project, and will be
subject to full mortgage credit review (analysis of tax returns, etc..).

Greg Hunter Changed status to publish February 3, 2021
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