Mortgage Insurance Hospitals
To facilitate the affordable financing of hospitals for the care and treatment of persons who are acutely ill or who otherwise require medical care and related services of the kind customarily furnished only or most effectively by hospitals.
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
242, Public Law -108-091, 1715z U.S.C.
Who is eligible to apply/benefit from this assistance?
Qualified applicants can be either profit or not-for-profit hospitals licensed or regulated by the State, municipality, or other political subdivision. At least 50 percent of the care must be for general acute patients as of June 2012.
Persons needing the services of these hospitals benefit by using the modernized facilities supported by the insured mortgages.
Documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. A Certificate of Need from the appropriate State agency is needed if that State has a Certificate of Need process.
What is the process for applying and being award this assistance?
Preapplication coordination is required. Environmental impact information is not required for this program. An environmental impact assessment is required for this listing. 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.
2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. The sponsor submits a formal application to the Office Healthcare Programs, Room 6264, Department of Housing and Urban Development, 451 Seventh Street, SW., Washington, DC 20410.
The Federal Housing Commissioner makes final decisions to approve, hold, or reject individual applications.
Approval/Disapproval Decision Time
From 60 to 90 days. Processing time depends upon the complexity of the proposal and the degree of preparation by the sponsor. 60 days is the goal for non-complicated applications.
How are proposals selected?
How may assistance be used?
HUD insures lenders against loss on mortgages. The loans may be used to finance the construction, modernization, equipment, or refinancing of acute care hospitals.
What are the requirements after being awarded this opportunity?
The Department of Housing and Urban Development reserves the right to audit the accounts of either the mortgagee or mortgagor in order to determine their compliance and conformance with HUD regulations and standards.
Mortgagees and mortgagors are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and FHA regulations. Records must be kept in accordance with State and Federal Regulations during the construction phase.
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 mortgage term is 25 years. insurance of advances for construction projects.
Who do I contact about this opportunity?
Regional or Local Office
Ivy M. Jackson,
451 7th Street, SW Rm 6264
Washington, DC 20410 US
(Guaranteed/Insured Loans) FY 16 est $665,000,000.00; FY 15$160,000,000.00; FY 17 est $300,000,000.00;
Range and Average of Financial Assistance
Regulations, Guidelines and Literature
Examples of Funded Projects