HUD has issued Notice H 2010-11, HUD Multifamily Risk Mitigation. According to HUD,

"The notice revises underwriting standards, policies and procedures for mortgage insurance under the Federal Housing Administration's (FHA's) Multifamily Housing programs. This Housing Notice is not applicable to the health care programs administered by the Office of Healthcare Programs (Section 232, or refinancing of Section 232 pursuant to Sections 223 (f) or 223 (a) (7)). The Notice will be effective 60 days from the date of issuance, as discussed below in the section titled ‘Implementation'.

The core program underwriting standards have not been adjusted since the inception of the program and it is appropriate to do so at this time. These changes are in response to changes in real estate and financing markets and are intended to mitigate the Department's risk while ensuring the continued availability of FHA insurance."

To read the notice in its entirety, please click on the following links:

HUD Multifamily Risk Mitigation

Attachment A - Sample Schedule of Real Estate Owned
Attachment B - Sample Schedule of Mortgage Debt