Mortgage Insurance Rental Housing for the Elderly

 

To provide quality rental housing for the elderly.

Active 14.138 Office of Housing-Federal Housing Commissioner, Department of Housing and Urban Development F - Guaranteed/Insured Loans Not applicable. National Housing Act, as amended, Section 231, Public Law 86-372, 73 U.S.C. 654, 12 U.S.C. 1715(V)., Title 24, Part 231 Eligible mortgagors include private profit-motivated developers, and nonprofit sponsors. All elderly or handicapped persons are eligible to occupy apartments in a project whose mortgage is insured under the program. Documentation regarding the characteristics of the property and the qualifications of the mortgagor must be submitted with the application. Preapplication coordination is required. An environmental impact assessment is required for this listing. 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. Required documents can be found in the MAP Guide. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. The borrower, also called a sponsor, has a preapplication conference with the local HUD Multifamily Hub or Satellite Office determine the feasibility of the project. The sponsor must then submits a firm commitment application through a HUD-approved lender for processing. Considerations include market need, zoning, architectural merits, capabilities of the borrower, and availability of community resources. If the project meets program requirements, the local Multifamily Hub or Satellite Office issues a commitment to the lender for mortgage insurance. If the project meets program requirements, the local HUD Multifamily Hub or Satellite Office issues a commitment to the lender for mortgage insurance. Not applicable. Not applicable. Not applicable. Not applicable. Not applicable. Section 231 insures lenders against loss on mortgages. Section 231 was designed to increase the supply of rental housing specifically for the use and occupancy of elderly persons and/or persons with disabilities. Insured mortgages may be used to finance construction or rehabilitation of detached, semidetached, walk-up, or elevator type rental housing designed for occupancy by elderly or handicapped individuals and consisting of 8 or more rental units. The program has statutory per unit mortgage limits which vary according to the size of the unit, the type of structure, and the location of the project. There are also loan-to-replacement cost and debt service limitations. Not applicable. The Department of Housing and Urban Development reserves the right to audit the accounts of either the mortgagee or mortgagor in order to determine their compliance and conformance with HUD regulations and standards. Mortgagees are required to service and maintain records in accordance with acceptable mortgage practice of prudent lending institutions and the HUD regulations. Statutory Formula: Title 24 CFR Part 231

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing. The maximum mortgage term is 40 years or not in excess of three-fourths of the remaining economic life, whichever is less. Benefits accrue over the life of the insure mortgage in the form of beneficial terms (below-market interest rates and long term/maturity). Persons are encouraged to communicate with the Multifamily Hub or Satellite Office with jurisdiction for the proposed property. HUD Multifamily Hubs and Satellite Offices are listed at https://www.hud.gov/program_offices/housing/mfh/hsgmfbus/abouthubspcs Thomas Bernaciak
451 Seventh Street SW
Washington, DC 20410 US
thomas.a.bernaciak@hud.gov
Phone: (202) 402-3242 http://www.hud.gov/offices/hsg/hsgmulti.cfm. 86-4077-0-3-371 (Guaranteed/Insured Loans) FY 22 FY 23 FY 24 FY 21 FY 20$4,216,973,933.00; FY 19$7,640,000,000.00; FY 14 est $15,000,000.00; FY 15$53,212,283.00; FY 13$17,000,000.00; FY 17 est $59,494,779.00; FY 16 est $55,170,497.00; - Reported under 14.134. Not applicable/available. 24 CFR 231.1 et seq. Section 231, Housing for the Elderly for Project Mortgage Insurance, and the MAP Guide available on HUDclips. Not applicable.