Mortgage Insurance Homes in Urban Renewal Areas
Program Funding
Annual program obligations reported to SAM.gov.
Program Objective
Mortgage insurance for housing in urban renewal areas, areas in which concentrated revitalization or code enforcement activities have been undertaken by local government, or to alter, repair, or improve housing in those areas.
Eligibility
Eligible Applicants
- For-Profit Organization
Eligible mortgagors include private profit motivated entities, public bodies and others who meet HUD requirements for mortgagors.
How to Apply
Application Procedure
See Application Procedure
Award Procedure
See Application Procedure.
Program details & compliance
Description
FHA insures mortgages on new or rehabilitated housing structures located in designated urban renewal areas and areas with concentrated programs of code enforcement and neighborhood development. Insured mortgages may be used to finance construction or rehabilitation of rental housing. Properties must consist of two or more units and be in one of the following: an urban renewal area, urban development project, code enforcement program area, urban area receiving rehabilitation assistance because of natural disaster, or an area where concentrated housing, physical development, or public service activities are being carried out in a coordinated manner.
Mission Categories
Primary: Property and Mortgage Insurance
Other categories:
Multifamily
Use of Funds
Allowed Uses
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.
Required Documentation
Documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application.
Reporting & Compliance
Applicable 2 CFR 200 Subparts
- Subpart F — Audit Requirements