Mortgage Insurance-Homes in Urban Renewal Areas (14.122)

Program

14.122 Mortgage Insurance-Homes in Urban Renewal Areas

Federal Agency

Agency: Department of Housing and Urban Development
Office: Office Of Housing-federal Housing Commissioner

Authorization

Housing Act of 1954, Public Law 83-560, 12 U.S.C. 1715(b), 1715(k).

Program Number

14.122

Last Known Status

Active

Objectives

To help families purchase or rehabilitate homes in urban renewal areas.

Types of Assistance

GUARANTEED/INSURED LOANS

Uses and Use Restrictions

HUD insures lenders against loss on mortgage loans. These loans may be used to finance acquisition or rehabilitation of one- to 11-family housing in approved urban renewal or code enforcement areas. Maximum insurable loans for the occupant mortgagor are the same as prescribed for Section 203(b), plus $9,165 for each family unit over four. Properties must be constructed or rehabilitated pursuant to an approved urban renewal plan.

Eligibility Requirements

Applicant Eligibility

All families are eligible to apply.

Beneficiary Eligibility

Individuals/families.

Credentials/Documentation

Documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. This program is excluded from coverage under OMB Circular No. A-87. This program is excluded from coverage under OMB Circular No. A-87.

Application and Award Process

Preapplication Coordination

Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.

Application Procedure

This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Application is submitted for review and approval or disapproval to the local HUD Field Office through a HUD- approved lending institution. This program is excluded from coverage under OMB Circular Nos. A-102 and A-110.

Award Procedure

See Application Procedure.

Deadlines

Not Applicable.

Range of Approval/Disapproval Time

Varies.

Appeals

HUD will state the reasons for refusing an application. The applicant may reapply subject to concurrence of the lender.

Renewals

Not Applicable.

Assistance Considerations

Formula and Matching Requirements

This program has no statutory formula.

Matching requirements are not applicable to this program.

MOE requirements are not applicable to this program.

Length and Time Phasing of Assistance

The mortgage term may extend for 30 years, except 35 years if the mortgagor is unacceptable under a 30 year term and the property was constructed subject to HUD or VA inspection. Method of awarding/releasing assistance: quarterly.

Post Assistance Requirements

Reports

Audits

Not Applicable.

Records

Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations.

Program Accomplishments

Fiscal Year 2008: There were no mortgage endorsements in the most recent 2 years. Fiscal Year 2009: No Current Data Available Fiscal Year 2010: No Current Data Available

Financial Information

Account Identification

86-4077-0-3-371.

Obligations

(Sale, Exchange, or Donation of Property and Goods) FY 08 $0; FY 09 est $0; FY 10 est $0 - FY 08 Reported Under 14.133
FY 09 Reported Under 14.133
FY 10 Reported Under 14.133.

Range and Average of Financial Assistance

No Data Available.

Regulations, Guidelines and Literature

Not Applicable.

Related Programs

Not Applicable.

Information Contacts

Regional or Local Office

None. Persons are encouraged to contact the Homeownership Center serving their State, or the nearest local HUD Office. See Catalog Address Appendix IV for a list of offices.

Headquarters Office

Wanda L. Sampedro, 451 7th Street, SW, Washington, District of Columbia 20410 Email: wanda.sampedro@hud.gov Phone: (202) 402-2324.

Web Site Address

http://www.hud.gov/offices/hsg/sfh/ins/singlefamily.cfm.

Examples of Funded Projects

Not Applicable.

Criteria for Selecting Proposals

Not Applicable.