Lancaster Pollard Mortgage Company is aware that the U.S. Department of Housing & Urban Development (HUD) has delayed payments of subsidies for some Section 8 projects since July 2007 due to a budget miscalculation. A solution is currently being developed (no specific dates are available). 

If you are one of the affected projects, HUD allows for tapping into the replacement reserve fund to cover operating expenses, including mortgage payments. To do so, please follow these steps:
  
1.  Contact Rima Niemi at rniemi@lancasterpollard.com or (614) 224-8804 and let her know that you have not received the subsidy and would like to submit a request for tapping into your replacement reserves.

2.  Contact your HUD project manager for approval on HUD Form 9250 and ask that it be faxed to the attention of Rima Niemi at 614-224-8805. HUD promises to approve your release of the reserve funds within 24 hours (one business day).

3.  Lancaster Pollard Mortgage Company will release funds once the HUD Form 9250 is received.

Please note that you should obtain HUD approval to withdraw funds from the reserve account prior to the 15th of the month if your intention is to make the mortgage payment out of reserves.

For more information on this subject, see the two downloadable HUD memoranda below and please, check back for more updates.

HUD MEMO July 13 2007

HUD MEMO Aug 8 2007