The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.
Uses and Use Restrictions
HUD insures lenders against loss on mortgage loans.
These loans may be used to finance acquisition or rehabilitation of one- to five-family housing in approved urban renewal or code enforcement areas.
Maximum insurable loans for the occupant mortgagor are prescribed by statute.
Properties must be constructed or rehabilitated pursuant to an approved urban renewal plan.
Eligible mortgagors include private profit motivated entities, public bodies and others who meet HUD requirements for mortgagors.
Families and Individuals.
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.
Aplication and Award Process
Preapplication coordination is not applicable.
Environmental impact information is not required for this program.
This program is excluded from coverage under E.O.
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 local HUD Field Office through a HUD- approved lending institution.
See Application Procedure.
Housing Act of 1954, Public Law 83-560, 12 U.S.C. 1715(b), 1715(k)., Title 24, Part 220, 12 U.S.C 1715b.
Range of Approval/Disapproval Time
HUD will state the reasons for refusing an application. The applicant may reapply subject to concurrence of the lender.
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 40 years or not in excess of three-fourths of the remaining economic life of the project. Method of awarding/releasing assistance: lump sum.
Post Assistance Requirements
In accordance with the provisions of 2 CFR 200, Subpart F - Audit Requirements, non-Federal entities that expend financial assistance of $750,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Non-Federal entities that expend less than $750,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in 2 CFR 200.503. The Department of Housing and Urban Development reserves the right to audit the account of the mortgagee to determine its 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.
(Guaranteed/Insured Loans) FY 15 Not Separately Identifiable(Exp: Reported under 14.117); FY 16 Not Separately Identifiable(Exp: Reported under 14.117); and FY 17 Not Separately Identifiable(Exp: Reported under 14.117) - Reported under 14.117.
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines, and Literature
Regulations are in 24 CFR 220.1. The basic program instructions are in HUD Handbook 4555.1 - Rental Housing in Urban Renewal Areas for Project available on HUDclips.org.
Regional or Local Office
None. Persons are encouraged to contact the nearest local HUD Office.
Carmelita James 451 Seventh Street SW, Washington, District of Columbia 20410 Email: email@example.com Phone: (202) 402-2579
Criteria for Selecting Proposals
Promoting employee share and enabling customers to invest are better incentives than those provided by co-operatives. Co-operatives have adamantly remained a niche sector and doesn’t provide the right incentives for entrepreneurs.