24 CFR §905.507

1. (a)PHAs with cumulative CFFP borrowings of less than $2 million and that are standard or high performers under PHAS; PHAs that are high performers under PHAS with cumulative CFFP borrowings of less than $20 million; PHAs that propose to use their CFFP proceeds in a mixed-finance transaction, or proposals where the sizing of the financing is based only upon the use of RHF funds for debt service, shall not be required to submit:
   1. (1)A third-party management assessment under § 905.505(e);
   2. (2)A third-party fairness opinion under § 905.505(k);
   3. (3)An assurance of financial controls and construction management under § 905.505(l).
2. (b)Notwithstanding § 905.507(a), if HUD determines that interest or other costs do not appear to meet industry norms, or other aspects of the proposal present atypical risks, HUD retains the discretion to require assessments, opinions, or controls, or to return the proposal.