Property Improvement Loan Insurance for Improving All Existing Structures and Building of New Nonresidential Structures
To facilitate the financing of improvements to homes and other property types and the building of new nonresidential structures.
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; H - Sale, Exchange, or Donation of Property and Goods
National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703.
Who is eligible to apply/benefit from this assistance?
Eligible borrowers include the owner of the property to be improved, a lessee having a lease extending at least 6 months beyond maturity of the loan, or a purchaser of the property under a land installment contract.
The responsibility for credit approval of borrowers is exercised by HUD-insured lenders.
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. The borrower applies directly to an insured lender, or through a lender's approved dealer.
Approval/Disapproval Decision Time
How are proposals selected?
How may assistance be used?
HUD insures lenders against loss on loans. Insured loans may be used to finance alterations, repairs, and improvements for existing structures and the building of new nonresidential structures which substantially protect or improve the basic livability or utility of the properties. The maximum loan amount is $25,000 for improving a single family home or for improving or building a nonresidential structure. For improving a multifamily structure, the maximum loan amount is $12,000 per family unit, not to exceed a total of $60,000 for the structure.
What are the requirements after being awarded this opportunity?
Lenders are required to service and maintain records in accordance with acceptable lending 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
Loans mature in 20 years and 32 days or earlier. Loans may be refinanced, but may not extend beyond 30 years from the date of the original note. Method of awarding/releasing assistance: Quarterly.
Who do I contact about this opportunity?
Regional or Local Office
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, DC 20410 US
(Sale, Exchange, or Donation of Property and Goods) FY 15$90,000,000.00; FY 16 est $90,000,000.00; FY 17 est $90,000,000.00;
Range and Average of Financial Assistance
Regulations, Guidelines and Literature
24 CFR Part 201
Examples of Funded Projects