USDA’s Rural Development, Multifamily Portfolio Revitalization
Compass was a key contributor to the Comprehensive Property Assessment (CPA) of RD’s Section 515 multifamily direct loan portfolio. Issued in November 2004, the CPA report provided a roadmap for the revitalization and long-term preservation of the portfolio. USDA adopted the recommendations of the CPA study, proposed permanent legislation, and has obtained funding from Congress to demonstrate the implementation of CPA principles each year starting with federal fiscal year 2005. Compass is a key member of the consulting team that supports USDA’s implementation of these demonstration programs. Compass developed an electronic underwriting template that USDA now uses not only for demonstration program transactions but also for transfer (property sale) transactions and for the calculation of incentives to owners not to pursue prepayment of their USDA loans. Compass assisted USDA in a comprehensive revision of its guidance regarding transfers.
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