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.



Agency - Department of Housing and Urban Development

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.

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.



Program Accomplishments

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.



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