Property Improvement Loan Insurance for Improving All Existing Structures and Building of New Nonresidential Structures (14.142)

Program

14.142 Property Improvement Loan Insurance for Improving All Existing Structures and Building of New Nonresidential Structures

Federal Agency

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

Authorization

National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703.

Program Number

14.142

Last Known Status

Active

Objectives

To facilitate the financing of improvements to homes and other existing structures and the building of new nonresidential structures.

Types of Assistance

GUARANTEED/INSURED LOANS

Uses and Use Restrictions

HUD insures lenders against loss on loans. Insured loans may be used to finance alterations, repairs, and improvements for existing structures and the building of new nonresidential structures which substantially protect or improve the basic livability or utility of the properties. The maximum loan amount is $25,000 for improving a single family home or for improving or building a nonresidential structure. For improving a multifamily structure, the maximum loan amount is $12,000 per family unit, not to exceed a total of $60,000 for the structure.

Eligibility Requirements

Applicant Eligibility

Eligible borrowers include the owner of the property to be improved, a lessee having a lease extending at least 6 months beyond maturity of the loan, or a purchaser of the property under a land installment contract.

Beneficiary Eligibility

Individuals/families.

Credentials/Documentation

The responsibility for credit approval of borrowers is exercised by HUD-insured lenders. 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. The borrower applies directly to an insured lender, or through a lender's approved dealer. This program is excluded from coverage under OMB Circular Nos. A-102 and A-110.

Award Procedure

None.

Deadlines

Not Applicable.

Range of Approval/Disapproval Time

HUD does not participate in the approval or disapproval of individual loans.

Appeals

Reapplication in case of refusal should be submitted to an approved 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

Loans mature in 20 years and 32 days or earlier. Loans may be refinanced, but may not extend beyond 30 years from the date of the original note. Method of awarding/releasing assistance: quarterly.

Post Assistance Requirements

Reports

Audits

Not Applicable.

Records

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

Program Accomplishments

Not Applicable.

Financial Information

Account Identification

86-4077-0-3-371.

Obligations

(Sale, Exchange, or Donation of Property and Goods) FY 08 $56,976,391; FY 09 est $54,000,000; FY 10 est $57,000,000

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. Contact HUD at (800) 767-7468 for a program brochure #2651 and list of lenders.

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.