Mortgage Insurance Hospitals
Program Funding
Annual program obligations reported to SAM.gov.
Program Objective
To facilitate the affordable financing of hospitals for the care and treatment of persons who are acutely ill or who otherwise require medical care and related services of the kind customarily furnished only or most effectively by hospitals.
Eligibility
Eligible Applicants
- Municipality/Township Government
- County Government
- Nonprofit Organization
- For-Profit Organization
Qualified applicants can be either profit or not-for-profit hospitals licensed or regulated by the State, municipality, or other political subdivision. At least 50 percent of the care must be for general acute patients as of June 2012.
Beneficiaries
- Unrestricted by Individual Type
Persons needing the services of these hospitals benefit by using the modernized facilities supported by the insured mortgages.
How to Apply
Award Procedure
The Federal Housing Commissioner makes final decisions to approve, hold, or reject individual applications.
Decision Timeline
- Approval: From 60 to 90 days
Processing time depends upon the complexity of the proposal and the degree of preparation by the sponsor. 60 days is the goal for non-complicated applications.
Program details & compliance
Description
Provides mortgage insurance for acute care hospital facilities ranging from large teaching institutions to small rural critical access hospitals. Also supports underwriting and asset management of FHA -insured hospital loans.
Mission Categories
Primary: Property and Mortgage Insurance
Use of Funds
Allowed Uses
HUD insures lenders against loss on mortgages. The loans may be used to finance the construction, modernization, equipment, or refinancing of acute care hospitals.
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. A Certificate of Need from the appropriate State agency is needed if that State has a Certificate of Need process.
Reporting & Compliance
Applicable 2 CFR 200 Subparts
- Subpart F — Audit Requirements