Mortgage Insurance Housing in Older, Declining Areas
To assist in the purchase or rehabilitation of housing in older, declining urban 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
National Housing Act
Who is eligible to apply/benefit from this assistance?
For single family purposes, an individual or family is eligible to apply through HUD approved mortgagees. Multifamily sponsorship is determined by applicable program requirements.
For single family applications, documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. Documentation required for multifamily applications is determined by applicable program requirements.
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. Applications may be submitted at any time 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 under other sections of the National Housing Act, e.g., Section 221(d)(3) or (d)(4), pursuant to Section 223(e). Claims are paid from the Special Risk Insurance Fund, but this is not a separate program. The determination to use Section 223(e) is at the discretion of HUD. These loans may be used to finance the purchase, repair, rehabilitation, and construction of housing in older, declining urban areas where conditions are such that certain normal eligibility requirements for mortgage insurance under a particular program cannot be met. The property must be an acceptable risk giving consideration to the need for providing adequate housing for low-and moderate-income families.
What are the requirements after being awarded this opportunity?
Mortgages are required to service and maintain records in accordance with acceptable 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
None Method of awarding/releasing assistance: Quarterly.
Who do I contact about this opportunity?
Regional or Local Office
Persons should contact the FHA Resource Center at 1-800-CALLFHA (1-800-225-5342) for more information.
451 7th Street, SW
Washington, DC 20410 US
(Guaranteed/Insured Loans) FY 18 FY 19 FY 20 - Reported under 14.117
Range and Average of Financial Assistance
Regulations, Guidelines and Literature
Examples of Funded Projects