Different rules apply at each stage of the MPDU Ownership depending on the MPDU Covenants placed on the property prior for a certain length of time (known as a control period). If the property was first purchased after April 1, 2005, it falls within the control period, which is 30 years. An MPDU homeowner who wants to refinance: 1) May not refinance their MPDU for more than the current MPDU price; 2) Reverse mortgages are not allowed; and 3) To refinance an MPDU or get a home equity line of credit (HELOC), an MPDU owner must complete the steps for refinancing an MPDU during the control period:

The first step is to request the current MPDU Maximum Resale Price by submitting a Refinance and Resale Price Request Form available in the link below. Within 21 days, the MPDU office will send the homeowner a letter stating the current MPDU refinance/HELOC value of the unit. Please note timeframes as the MPDU Office cannot honor ?last minute? requests. These requests should be made at the beginning of the loan process, not when the loan is ready to close.