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 under other sections of the National Housing Act, e.g., Section 221(d)(3) or (d)(4), pursuant to Section 223(e).
Claims are paid from the Special Risk Insurance Fund, but this is not a separate program.
The determination to use Section 223(e) is at the discretion of HUD.
These loans may be used to finance the purchase, repair, rehabilitation, and construction of housing in older, declining urban areas where conditions are such that certain normal eligibility requirements for mortgage insurance under a particular program cannot be met.
The property must be an acceptable risk giving consideration to the need for providing adequate housing for low-and moderate-income families.
For single family purposes, an individual or family is eligible to apply through HUD approved mortgagees. Multifamily sponsorship is determined by applicable program requirements.
For single family applications, documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. Documentation required for multifamily applications is determined by applicable program requirements. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.
Aplication and Award Process
Preapplication coordination is required.
Environmental impact information is not required for this program.
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.
This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Applications may be submitted at any time for review and approval or disapproval to the local HUD Field Office through a HUD-approved lending institution.
See Application Procedure.
National Housing Act.
Range of Approval/Disapproval Time
HUD will state the reasons for refusing an application. The applicant may request the HUD-approved mortgagee to seek HUD reconsideration.
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
None. Method of awarding/releasing assistance: quarterly.
Post Assistance Requirements
Mortgages are required to service and maintain records in accordance with acceptable practices of prudent lending institutions and the HUD regulations.
(Sale, Exchange, or Donation of Property and Goods) FY 15 Not Separately Identifiable(Exp: Reported under 14.135); FY 16 Not Separately Identifiable(Exp: Reported under 14.135); and FY 17 Not Separately Identifiable(Exp: Reported under 14.135) - Reported under 14.117.
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines, and Literature
Regional or Local Office
None. Persons should contact the FHA Resource Center at 1-800-CALLFHA (1-800-225-5342) for more information.
Wanda L. Sampedro 451 7th Street, SW, Washington, District of Columbia 20410 Email: email@example.com Phone: (800) 225-5342.
Criteria for Selecting Proposals
REDF, a San Francisco-based nonprofit, will receive a $7 Million grant from the federal Social Innovation Fund program.