In order to meet one of the three elementary goals of the Mark-to-Market (M2M) program - the physical preservation of affordable housing stock - OAHP has developed an initiative to closely monitor the progress and completion of agreed upon rehabilitation projects for restructured properties. The Rehabilitation Escrow Administration Tracking "REAT" initiative was implemented in August 2003. The goals of the REAT program are to create a dialog between Escrow Administrators, OAHP and other stakeholders; to track progress of repairs; to identify hurdles and obstacles to completion; and to determine the existence and cause of problem situations prohibiting completion and to develop a timely resolution.
Below is a summary of major guidance and resources regarding OAHP Rehabilitation Escrows and the REAT initiative. Questions should be directed to the Mark-to-Market Information mailbox. Please note, no updates and/or changes have been made to REAT policy since 2006. The REAT process is still a current function of the M2M program.
- Rehab Escrow Account Titling and Funds Investment Options
- OAHP and Ginnie Mae Requirements for Rehab Escrow Deposit Accounts
- Considering Prior Rehab Escrow Performance During Current Underwriting
- Updated Comprehensive Guidance for Rehab Escrow Administrators
- Rehab Escrow File Retention, Archival, and Disposition Policy: Policy described the requirements placed on REA, OAHP, and the Federal Records Center.
- OAHP's Rehab Escrow Tracking and Default Procedures/Process: Memo provides an outline for implementing the policy entitled "Mark-to-Market Rehabilitation Escrow Completion".
- Comprehensive Guidance for Rehab Escrow Administrators
- Rehabilitation Escrow Administration Tracking "REAT": Introduction and process overview of Rehabilitation Escrow Administration Tracking initiative.
- Additional Guidance for Rehab Escrow Administration and Modification Requests: Guidance on requesting Rehabilitation Deposit Escrow Agreement modification and transferring excess rehabilitation escrow funds.
- Mark-to-Market Rehabilitation Escrow Completion: Memo from Hank Williams and Beverly Miller regarding potential corrective actions with the owner and/or manager for failure to complete rehabilitation on schedule.
- REAT Addition to the Resource Desk - Online Reporting of Rehab Escrow Status: Introduction of web-based data collection tool and mandatory reporting requirements for Rehabilitation Escrow Administrators.
- Rehabilitation Escrow Administration Tracking Additional Guidanceune 8, 2004): Release of the updated Form 9.10/9.11 and guidance regarding escrowed funds, including handling of excess funds and fund shortfalls, escrow account maintenance, closing out an escrow account and identifying owners with delinquent escrows with additional properties in active restructuring.