Mortgage Insurance_Single Family Cooperative Housing
To provide insured financing for the purchase of the Corporate Certificate and Occupancy Certificate for a unit in a cooperative housing project. Ownership of the corporate certificate carries the right to occupy the unit located within the cooperative project.
General information about this opportunity
Last Known Status
Agency: Department of Housing and Urban Development
Office: Office of Housing-Federal Housing Commissioner
Type(s) of Assistance Offered
National Housing Act; as amended, Section 203 (n), Emergency Home Purchase assistance act of 1974, Public Law 93-449, 88 Stat. 1364.
Who is eligible to apply/benefit from this assistance?
Potential owner-occupant mortgagors are eligible to apply.
Documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.
What is the process for applying and being award this assistance?
Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.
This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Application is submitted for review and approval or disapproval to the HUD Homeownership Center having jurisdiction over the area where the property is located through a HUD approved lending institution.
See Application Procedure.
Approval/Disapproval Decision Time
HUD will state the reasons for refusing an application. The applicant may reapply subject to concurrence of the lender.
How are proposals selected?
How may assistance be used?
HUD insures lenders against loss on mortgage loans. These insured loans may be used to assist individuals or families in acquiring corporate certificates and occupancy certificates in a cooperative housing project that is covered by a blanket mortgage insured under the National Housing Act. The maximum insurable mortgage loan is limited to the maximum limit under Section 203(b) minus the portion of the unpaid balance of the project mortgage attributable to the dwelling unit.
What are the requirements after being awarded this opportunity?
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
This program has no statutory formula.
Matching requirements are not applicable to this program.
MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
The maximum mortgage term is 30 years or the remaining term of the blanket mortgage covering the cooperative development, whichever is less. Method of awarding/releasing assistance: quarterly.
Who do I contact about this opportunity?
Regional or Local Office
None. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALL-FHA (1-800-225-5342), by email at firstname.lastname@example.org or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.
Wanda L. Sampedro 451 7th Street, SW, Washington, District of Columbia 20410 Email: email@example.com
Phone: (800) 225-5342
(Sale, Exchange, or Donation of Property and Goods) FY 14 Not Separately Identifiable(Exp: Reported under 14.117); FY 15 Not Separately Identifiable(Exp: Reported under 14.117); and FY 16 Not Separately Identifiable - Reported Under 14.117.
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines and Literature
Examples of Funded Projects