| The idea should be that principals must have positive experience and qualifications in all facets of property development. Therefore, a principal with multifamily construction experience only as a fee contractor would not qualify as the sole principal in a multifamily transaction.
For all applications the evaluation of a sponsor’s mix of experience and qualifications is first of all a Regional/Satellite Office underwriting function and considers all relevant multifamily experience which includes experience with conventional (non-HUD insured) properties also comparable to the subject. But experience limited to a single portion or segment of sponsor responsibilities, short of any full responsibility for sustained project success, is not sufficient. The or in the cited language in the MAP Guide Chapter 8.3.2 suggesting limited or partial experience will be corrected in future revisions. |
Greg Hunter Changed status to publish July 12, 2022