§ 245.419 Initial submission of materials to HUD: Major capital additions.

In the case of major capital additions, the mortgagor must submit the following materials to the local HUD office: (a) The general plans and sketches of the proposed capital additions; (b) A statement describing the estimated effect of the proposed capital additions on the value of the project, the project income and expenses (including property taxes), and the project rent schedule; (c) A statement describing how the proposed capital additions will be financed and the effect, if any, of that financing on the tenants; (d) A statement assessing the compatibility of the proposed capital additions with the residential character of the project; and (e) A copy of the notice to tenants.