How do Nonprofits and Governmental Entities that buy HUD Homes at a discount submit Individual Property Files to FHA?

Individual Property Files refer to files that Governmental Entities and HUD-approved Nonprofits participating in the HUD Homes program must maintain for each Property purchased, sold, or leased when a discount of 10 percent or greater is obtained at the time of purchase.
 
Governmental Entities and HUD-approved Nonprofits must submit the Individual Property Files to FHA through the Nonprofit Data Management System (NPDMS) no later than 60 Days after the resale of a Property to a subsequent homebuyer. Governmental Entities and HUD-approved Nonprofits must send an e-mail to the appropriate point of contact, in the jurisdictional HOC, notifying them when an Individual Property File is ready for review. Individual Property Files are ready for review once all data has been entered and supporting documentation has been uploaded.
 
The Individual Property File must be maintained for a minimum of three years after the Property is sold by the nonprofit.
 
The required documentation for the Individual Property File can be found in Handbook 4000.1 I.B.4.c.iii.(C).
 
For additional information see Handbook 4000.1 I.B.4.c.iii. at: https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh
 
The  FHA-Approved Nonprofits web page is available at https://www.hud.gov/program_offices/housing/sfh/np

All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.


Topic Number: KA-04064