Mortgage Insurance Rental Housing

 

To increase the supply of good quality rental housing for middle-income families.

Active 14.134 Office of Housing-Federal Housing Commissioner, Department of Housing and Urban Development F - Guaranteed/Insured Loans Not applicable. National Housing Act, as amended, Section 207, Public Law 75-424, 12 U.S.C. 1713. Eligible mortgagors include investors, builders, developers, and others who meet HUD requirements for mortgagors. All families eligible to occupy dwellings in a structure whose mortgage is insured under the program, subject to normal tenant selection. Documentation regarding the characteristics of the property and qualifications of the mortgagor are submitted with the application. Preapplication coordination is not applicable. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. The sponsor submits an application for a SAMA or feasibility letter. Following HUD's approval and issuance of a SAMA or feasibility letter, the Firm Commitment application is submitted to the local HUD Multifamily Hub or Program Center for processing. If the project meets program requirements, the local HUD Multifamily Hub or Program Center issues a commitment to the lender to insure the mortgage. Not applicable. Not applicable. Not applicable. Not applicable. Not applicable. Section 207 insures lenders against the loss on mortgage defaults. Section 207 mortgage insurance, although still authorized, is no longer used for new construction and substantial rehabilitation. It is however, the primary vehicle for the Section 223(f) refinancing program. Multifamily new construction and substantial rehabilitation projects are currently insured under Section 221(d)(3) and Section 221(d)(4) programs. Insured mortgages may be used to finance the construction or rehabilitation of rental detached, semidetached, row, walk-up, or elevator type structures with 5 or more units. The program has statutory per unit 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-value and debt service limitations. 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: Title 24 cfr Part 207

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing. The mortgage term is 40 years, or not in excess of three-fourths of the remaining economic life, whichever is less. Provided over life of mortgage Persons are encouraged to communicate with Multifamily Hub or Program Center with jurisdiction for the proposed property. HUD Multifamily Hubs and Programs Centers are listed at http://www.hud.gov/offices/hsg/mfh/mfbroch/hubs_pcs.cfm or at the Catalog Address Appendix IV. Carmelita James
451 Seventh Street SW
washington, DC 20410 US
carmelita_a._james@hud.gov
Phone: (202) 402-2579 http://www.hud.gov/offices/hsg/hsgmulti.cfm. 86-4077-0-3-371 (Guaranteed/Insured Loans) FY 14 est $0.00; FY 16 est $5,916,508,274.00; FY 15$6,422,666,988.00; FY 17 est $5,831,984,488.00; FY 13$0.00; Not applicable/available. 24 CFR 207 et seq. HUD Handbook 4400.1, Project Mortgage Insurance Basic Section 207 Instructions, available on www.hudclips.org. Not applicable.