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 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.
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. 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. The borrower applies directly to an insured lender, or through a lender's approved dealer.
National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703.
Range of Approval/Disapproval Time
HUD does not participate in the approval or disapproval of individual loans.
The applicant may reapply.
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
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.
Post Assistance Requirements
Lenders are required to service and maintain records in accordance with acceptable lending practices of prudent lending institutions and the HUD regulations.
(Sale, Exchange, or Donation of Property and Goods) FY 15 $90,000,000; FY 16 est $90,000,000; and FY 17 est $90,000,000
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines, and Literature
24 CFR Part 201
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 email@example.com 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: firstname.lastname@example.org Phone: (800) 225-5342.
Criteria for Selecting Proposals
“I think, by 2018, there’s an opportunity for New Orleans to be viewed around the country, around the world, as a hub of entrepreneurship for the South,” says Tim Williamson, the CEO and cofounder of incubator The Idea Village, referring to the year the city will celebrate its 300th anniversary.
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