Form Hud-92580-Ca Maximum Capital Advance
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1
2Maximum Capital Advance
U.S. Department of Housing
and Urban Development
Office of Housing
For Use Under Section 202 of Housing Act of 1959 or
Federal Housing Commissioner
Section 811 of the National Affordable Housing Act
Project Name
Project Number
To Name of Owner
Street Address
City & State
Dear Sirs:
Pursuant to the Agreement and Certification executed in connection with the above project, this office has reviewed the Owner's
certified statement of actual cost and in reliance thereon has made certain related determinations. Accordingly, HUD will finally close
the above project, secured by a first mortgage upon the land and property included in the project, in an amount not to exceed that
set forth herein below.
It is understood, however, that any estimated items of cost may result in a further reduction of the mortgage when the actual costs
are established, that such a reduction, if any, must be made in accordance with the aforesaid Agreement and Certification, and that
acceptance of items “to be paid in cash within 45 days after final closing” is conditioned upon proof of payment of such items in cash.
Failure to comply with this requirement may result in a mandatory capital advance reduction.
All items approved herein are final and incontestable, except for fraud or material misrepresentation on the part of the Owner, as of
the date of the final closing, except that items shown on form HUD-92330 to be paid within 45 days, shall not be considered final
and incontestable until the date of HUD's recomputation of the capital advance based upon its reconciliation of the "to be paid items"
with actual receipts.
1. (a) Original Capital Advance Amount
$ _______________
(b) Capital Advance Increase
$ ________________
(c) Adjusted Original Capital Advance Amount
$_______________
2. Certified “Actual Cost” (from form HUD-92330)
$________________
3. Disallowed Amounts (Schedule 2)
$ ________________
4. Recognized “Actual Cost” of Improvements
$ ________________
5. Land (New Construction & Substantial Rehabilitation involving an Acquisition)
$________________
6. Total Land and Improvements
$ ________________
7. For Substantial Rehabilitation-Property Owned, enter the Lesser of
(i) $ _______________ Existing Mortgage Indebtedness (Land and Improvements)
or
(ii) _____% x $_________________ AS IS Value of Land and Improvements
(before repair or rehabilitation)
$ _______________
8. Total—line 6 plus line 7, (if any)
$ _______________
9. Plus Savings to be placed in Replacement Reserve Account, if applicable
$_______________
(0riginal capital advance reservation amount minus line 8 x 50% or 75%)
10. Sum of line 8 plus line 9
$ _______________
11. Maximum Capital Advance in Multiples of $100 (item 1(c) or item 10, whichever is the lesser)
$ _______________
Schedule 1. Approval of the Capital Advance as stated on line 11 is conditional upon the following:
A. At final closing, satisfactory evidence must be provided that the “to be paid” items listed on form HUD-92330 have
been paid or an escrow established to satisfy those items remaining to be paid.
form HUD-92580-CA (2/95)
Previous edition is obsolete
Page 1 of 2
ref Handbooks 4571.4, 4571.5, 4470.1
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