Form HUD-91071-OHF Escrow Agreement for off-Site Facilities - Section 242

What Is Form HUD-91071-OHF?

This is a legal form that was released by the U.S. Department of Housing and Urban Development and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form HUD-91071-OHF?A: Form HUD-91071-OHF is an Escrow Agreement for off-Site Facilities under Section 242 of the HUD program.

Q: What is Section 242 of the HUD program?A: Section 242 of the HUD program provides mortgage insurance for hospitals and medical facilities.

Q: What is an Escrow Agreement?A: An Escrow Agreement is a contract between a borrower and a lender where funds are held by a third party until certain conditions are met.

Q: What are off-Site Facilities?A: Off-Site Facilities refer to additional buildings or facilities associated with a hospital or medical facility that are not located on the main site.

Q: What is the purpose of the Form HUD-91071-OHF?A: The purpose of Form HUD-91071-OHF is to establish an escrow account for the funding of off-site facilities as part of a hospital or medical facility project.

Q: Who needs to use Form HUD-91071-OHF?A: Borrowers and lenders involved in hospital or medical facility projects that require off-site facilities funding under Section 242 of the HUD program need to use this form.

Q: What information is required in the Form HUD-91071-OHF?A: The form requires information about the borrower, lender, project details, escrow account details, and off-site facilities being funded.

Q: What happens after the form is completed?A: Once the form is completed and submitted to HUD, the escrow account will be established and the funds for off-site facilities will be held until the project requirements are met.