Mortgage Insurance Rental Housing in Urban Renewal Areas

 

To provide quality rental housing in urban renewal areas, code enforcement areas, and other areas designated for overall revitalization.

Active 14.139 Office of Housing-Federal Housing Commissioner, Department of Housing and Urban Development F - Guaranteed/Insured Loans Not applicable. National Housing Act, as amended, Section 220, Public Law 83-560, 12 U.S.C. 1745(k). Eligible mortgagors include private profit motivated entities, public bodies, and others who meet HUD requirements for mortgagors. All families eligible to occupy a dwelling in a structure whose mortgage is insured under the program, subject to normal tenant selection. Documentation regarding the characteristics of the property and the qualifications of the mortgagor must be submitted with the application. Preapplication coordination is required. 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. See the MAP Guide for document submission requirements. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. The application is processed by the Multifamily Hub or Satellite Office. For Multifamily Accelerated Processing (MAP), the application for a Firm Commitment, including a full underwriting package, is submitted by the MAP leader for HUD Field Office review. The local Multifamily Hub or Satellite Office reviews the application to determine whether the proposal is feasible. Considerations include market need, zoning, architectural merits, capabilities of sponsors, availability of community resources, etc. If the project meets program requirements, the Multifamily Hub or Satellite Office issues the lender a commitment to insure the project mortgage. Not applicable. Not applicable. Not applicable. Not applicable. Not applicable. Section 220 insures lenders against loss on mortgage defaults. Insured mortgages may be used to finance proposed construction or rehabilitation of detached, semi-detached, row, walk-up, or elevator type rental housing or to finance the purchase of properties which have been rehabilitated by a local public agency. Property must consist of two or more units and must be located in an urban renewal area, urban redevelopment project, or code enforcement program area, urban area receiving rehabilitation assistance as a result of natural disaster, or area where concentrated housing, physical development and public service activities are being carried out in a coordinated manner. The program has statutory mortgage limits which vary according to the size of the unit, the type of structure, and the location of the project. There are also loan-to-replacement cost and debt service limitations. Contractors for new construction and substantial rehabilitation projects must comply with prevailing wage standards under the Davis-Bacon Act. Not applicable. 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 are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations. 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. The maximum mortgage term is 40 years, or not in excess of three-fourths of the remaining economic life, whichever is less. Benefits accrue over the life of the mortgage in the form of beneficial terms (below-market interest rates and long term/maturity). Persons are encouraged to communicate with the nearest local HUD Multifamily field office listed at https://www.hud.gov/program_offices/housing/mfh/hsgmfbus/abouthubspcs Thomas Bernaciak
451 Seventh Street SW
washington, DC 20410 US
thomas.a.bernaciak@hud.gov
Phone: (202) 402-3242 https://www.hud.gov/program_offices/housing/mfh 86-4077-0-3-371 (Guaranteed/Insured Loans) FY 22 FY 23 FY 24 FY 21 FY 20$4,216,973,933.00; FY 19$7,640,000,000.00; FY 17 est $22,006,608.00; FY 13$111,300,000.00; FY 15$19,694,500.00; FY 16 est $20,387,968.00; FY 14 est $100,000,000.00; - Reported under 14.134. Not applicable/available. 24 CFR 220.1 et seq. and the MAP Guide. Not applicable.