Mortgage Insurance Homes in Urban Renewal Areas
To help eligible entities to purchase and/or rehabilitate homes in urban renewal areas.
General information about this opportunity
Last Known Status
Office of Housing-Federal Housing Commissioner, Department of Housing and Urban Development
Type(s) of Assistance Offered
F - Guaranteed/Insured Loans
Housing Act of 1954, Public Law 83-560, 12 U.S.C. 1715(b), 1715(k)., Title 24, Part 220, 12 U.S.C. 1715b
Who is eligible to apply/benefit from this assistance?
Eligible mortgagors include private profit motivated entities, public bodies and others who meet HUD requirements for mortgagors.
Families and Individuals
Documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application.
What is the process for applying and being award this assistance?
Preapplication coordination is not applicable.
2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Application is submitted for review and approval or disapproval to the local HUD Field Office through a HUD- approved lending institution.
See Application Procedure.
Approval/Disapproval Decision Time
How are proposals selected?
How may assistance be used?
HUD insures lenders against loss on mortgage loans. These loans may be used to finance acquisition or rehabilitation of one- to five-family housing in approved urban renewal or code enforcement areas. Maximum insurable loans for the occupant mortgagor are prescribed by statute. Properties must be constructed or rehabilitated pursuant to an approved urban renewal plan.
What are the requirements after being awarded this opportunity?
The Department of Housing and Urban Development reserves the right to audit the account of the mortgagee to determine its compliance and conformance with HUD regulations and standards.
Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations.
Other Assistance Considerations
Formula and Matching Requirements
Statutory formula is not applicable to this assistance listing.
Matching requirements are not applicable to this assistance listing.
MOE requirements are not applicable to this assistance listing.
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 of the project. Method of awarding/releasing assistance: Lump.
Who do I contact about this opportunity?
Regional or Local Office
Persons are encouraged to contact the nearest local HUD Office.
451 Seventh Street SW
Washington, DC 20410 US
(Guaranteed/Insured Loans) FY 16 FY 17 FY 15 est $100,000,000.00; FY 14 est $100,000,000.00; FY 13 - Reported under 14.117
Range and Average of Financial Assistance
Regulations, Guidelines and Literature
Regulations are in 24 CFR 220.1. The basic program instructions are in HUD Handbook 4555.1 - Rental Housing in Urban Renewal Areas for Project available on HUDclips.org.
Examples of Funded Projects