Mortgage Insurance-Manufactured Home Parks (14.127)

 

Program

14.127 Mortgage Insurance-Manufactured Home Parks

 

Federal Agency

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

 

Authorization

National Housing Act, as amended, Section 207, Public Law 84-345, 12 U.S.C. 1713.

 

Program Number

14.127

 

Last Known Status

Active

 

Objectives

To make possible the financing of construction or rehabilitation of manufactured home parks.

 

Types of Assistance

GUARANTEED/INSURED LOANS

 

Uses and Use Restrictions

The Department's Federal Housing Administration (FHA) insures lenders against loss on mortgage defaults. Insured mortgages may be used to finance the construction or rehabilitation of manufactured home parks consisting of 5 or more spaces. The maximum mortgage limit is $11,250 per space. In areas where cost levels so require, limits may be increased up to 140 percent on a case-by-case basis. Contractors for new construction and substantial rehabilitation projects must comply with prevailing wage requirements under the Davis-Bacon Act.

 

Eligibility Requirements

Applicant Eligibility

Eligible mortgagors include investors, builders, developers and others who meet HUD requirements for mortgagors.

Beneficiary Eligibility

Families, individuals, and elderly persons owning manufactured homes and desiring to lease spaces in a manufactured home park.

Credentials/Documentation

Documentation regarding the characteristics of the property and the qualifications of the mortgagor are 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 required. An environmental impact assessment is required for this program. This program is eligible for coverage under E.O. 12372, "Intergovernmental Review of Federal Programs." An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review.

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. The sponsor submits a site appraisal and market analysis (SAMA) for new construction projects or a feasibility application for substantial rehabilitation projects. Following HUD's issuance of a SAMA or feasibility letter, the sponsor submits a firm commitment application through a HUD-approved lender for processing. Considerations include market need, zoning, capabilities of the borrower, and availability of community resources. Applications are submitted to the local HUD Multifamily Hub Program Center which does multifamily processing. This program is excluded from coverage under OMB Circular No. A-110.

Award Procedure

The HUD Multifamily Hub or Program Center decides whether to approve or reject applications.

Deadlines

Not Applicable.

Range of Approval/Disapproval Time

Processing time will depend upon the degree of preparation by the sponsor and by the workload of the HUD Field Office.

Appeals

If an application for mortgage insurance is refused, HUD will state the reasons for the refusal. If reapplication is desired, the applicant may reapply subject to concurrence of the lender.

Renewals

The term of a commitment to insure may be extended when more time is required.

 

Assistance Considerations

Formula and Matching Requirements

This program has no statutory formula.

This program has no matching requirements.

This program does not have MOE requirements.

Length and Time Phasing of Assistance

The maximum mortgage term is 40 years, or not in excess of three-fourths of the remaining economic life, whichever is less. See the following for information on how assistance is awarded/released: Over the life of the mortgage.

 

Post Assistance Requirements

Reports

Audits

This program is excluded from coverage under OMB Circular No. A-133. The Department of Housing and Urban Development reserves the right to audit the accounts of either the mortgagee or mortgagor to determine their compliance and conformance with HUD regulations and standards.

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

Not Applicable.

 

Financial Information

Account Identification

86-4077-0-3-371.

Obligations

(Guaranteed/Insured Loans) FY 08 $0; FY 09 est $0; FY 10 est $0 - Reported under FY 14.135 FY 08,
FY 09, FY 10.

Range and Average of Financial Assistance

No Data Available.

 

Regulations, Guidelines and Literature

Fact Sheet, Manufactured Home Parks; 24 CFR 207.33 et seq.; Mobile Home Parks Financing, no charge; Housing Surveys, Part II; HUD Handbook 4545.1, Mobile Home Park Program, no charge, available on HUDCLIPS at http://www.hudclips.org.

 

Related Programs

Not Applicable.

 

Information Contacts

Regional or Local Office

See Regional Agency Offices. All projects are processed in Local HUD Multifamily Hubs or Program Centers. Persons are encouraged to communicate with the nearest HUD Multifamily Hub or Program Center listed at http://www.hud.gov/offices/hsg/mfh/mfbroch/hubs_pcs.cfm or in the Catalog Appendix IV.

Headquarters Office

Joyce Allen 451 7th St SW, washington, District of Columbia 20410 Phone: 2027081142

Web Site Address

http://www.hud.gov/offices/hsg/hsgmulti.cfm.

 

Examples of Funded Projects

Not Applicable.

 

Criteria for Selecting Proposals

Not Applicable.