Mortgage Insurance_Manufactured Home Parks

 

To make possible the financing of construction or rehabilitation of manufactured home parks.

Deleted 04/02/2020 (Archived.) 14.127 Agency: Department of Housing and Urban Development
Office: Office of Housing-Federal Housing Commissioner GUARANTEED/INSURED LOANS Not Applicable. National Housing Act, as amended, Section 207, Public Law 84-345, 12 U.S.C. 1713. Eligible mortgagors include investors, builders, developers and others who meet HUD requirements for mortgagors. Families, individuals, and elderly persons owning manufactured homes and desiring to lease spaces in a manufactured home park. Documentation regarding the characteristics of the property and the qualifications of the mortgagor are submitted with the application. This program is excluded from coverage under OMB Circular No. A-87. Preapplication coordination is required. An environmental impact assessment is required for this program. This program is eligible for coverage under E.O. 12372, "Intergovernmental Review of Federal Programs." An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review. This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. The sponsor submits a site appraisal and market analysis (SAMA) for new construction projects or a feasibility application for substantial rehabilitation projects. Following HUD's issuance of a SAMA or feasibility letter, the sponsor submits a firm commitment application through a HUD-approved lender for processing. Considerations include market need, zoning, capabilities of the borrower, and availability of community resources. Applications are submitted to the local HUD Multifamily Hub Program Center which does multifamily processing. The HUD Multifamily Hub or Program Center decides whether to approve or reject applications. Not Applicable. Processing time will depend upon the degree of preparation by the sponsor and by the workload of the HUD Field Office. If an application for mortgage insurance is refused, HUD will state the reasons for the refusal. If reapplication is desired, the applicant may reapply subject to concurrence of the lender. The term of a commitment to insure may be extended when more time is required. Not Applicable. The Department's Federal Housing Administration (FHA) insures lenders against loss on mortgage defaults. Insured mortgages may be used to finance the construction or rehabilitation of manufactured home parks consisting of 5 or more spaces. The maximum mortgage limit is $11,250 per space. In areas where cost levels so require, limits may be increased up to 140 percent on a case-by-case basis. Contractors for new construction and substantial rehabilitation projects must comply with prevailing wage requirements under the Davis-Bacon Act. No reports are required. In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that expend financial assistance of $500,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133. The Department of Housing and Urban Development reserves the right to audit the accounts of either the mortgagee or mortgagor to determine their compliance and conformance with HUD regulations and standards. Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations. This program has no statutory formula.
This program has no matching requirements.
This program does not have MOE requirements. The maximum mortgage term is 40 years, or not in excess of three-fourths of the remaining economic life, whichever is less. See the following for information on how assistance is awarded/released: Over the life of the mortgage. See Regional Agency Offices. All projects are processed in Local HUD Multifamily Hubs or Program Centers. Persons are encouraged to communicate with the nearest HUD Multifamily Hub or Program Center listed at http://www.hud.gov/offices/hsg/mfh/mfbroch/hubs_pcs.cfm or in the Catalog Appendix IV. Carmelita James 451 Seventh Street SW, washington, District of Columbia 20410 Email: carmelita_a._james@hud.gov Phone: (202) 402-2579 http://www.hud.gov/offices/hsg/hsgmulti.cfm. 86-4077-0-3-371. (Guaranteed/Insured Loans) FY 11 $5,650,000; FY 12 est $13,000,000; and FY 13 est $9,594,249 No Data Available. Fact Sheet, Manufactured Home Parks; 24 CFR 207.33 et seq.; Mobile Home Parks Financing, no charge; Housing Surveys, Part II; HUD Handbook 4545.1, Mobile Home Park Program, no charge, available on HUDCLIPS at http://www.hudclips.org. Not Applicable.