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.
Not Applicable.
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.
Eligibility Requirements
Applicant Eligibility
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.
Beneficiary Eligibility
Individuals/families.
Credentials/Documentation
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
Preapplication coordination is not applicable.
Environmental impact information is not required for this program.
This program is excluded from coverage under E.O.
12372.
Application Procedures
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.
Award Procedures
None.
Deadlines
Not Applicable.
Authorization
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.
Appeals
The applicant may reapply.
Renewals
Not Applicable.
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
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
Reports
Not Applicable.
Audits
Not Applicable.
Records
Lenders are required to service and maintain records in accordance with acceptable lending practices of prudent lending institutions and the HUD regulations.
Financial Information
Account Identification
86-4077-0-3-371.
Obigations
(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
Information Contacts
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 answers@hud.gov or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.
Headquarters Office
Wanda L. Sampedro, 451 7th Street, SW, Washington, District of Columbia 20410 Email: answers@hud.gov Phone: (800) 225-5342.
Criteria for Selecting Proposals
Not Applicable.
Many people, organizations and businesses in Miami are actively committed to philanthropy. As Javier Alberto Soto, president and CEO of the Miami Foundation, puts it, “Miami is home to a young, diverse demographic that’s looking for ways to get involved, ways to improve our community that aren’t traditional, like a formal gala.”