Mortgage Insurance-Purchase of Units in Condominiums (14.133)

Program

14.133 Mortgage Insurance-Purchase of Units in Condominiums

Federal Agency

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

Authorization

National Housing Act, as amended, Section 234 (c), Public Law 87-70, 75 Stat. 149, 1968, Public Law 90-448, 82 Stat. 476, 507, 1969, Public Law 91-152, 83 Stat. 379, 384.

Program Number

14.133

Last Known Status

Active

Objectives

To enable families to purchase units in condominium projects.

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 the acquisition of individual units in proposed or existing condominium projects containing four or more units. The maximum insurable loan for an occupant mortgagor is the same as Section 203(b) - Program 14.117. With respect to a unit in any project which was converted from rental housing, no insurance may be provided under this section unless: (1) The conversion occurred more than 1 year prior to the application for insurance; (2) the mortgagor or co-mortgagor was a tenant of that rental housing; or (3) the conversion of the property is sponsored by a bona fide tenant's organization representing a majority of the households in the project.

Eligibility Requirements

Applicant Eligibility

All families are eligible to apply.

Beneficiary Eligibility

Individuals/families.

Credentials/Documentation

Documentation regarding the function and characteristics of the project and 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 required. An environmental impact statement is required for this program. An environmental impact assessment is 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 to the local HUD Field Office through a HUD-approved lending institution. This program is excluded from coverage under OMB Circular No. 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. 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: HUD insured 48,166 loans. 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 $8,269,037,398; FY 09 est not reported.; FY 10 est not reported. - FY 09 is reported under 14.117
FY 10 is reported under 14.117.

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 (see http://www.hud.gov/offices/hsg/sfh/hoc/hsghocs.cfm) 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: 2024022324

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.