Mortgage Insurance Homes in Urban Renewal Areas
Active
- Assistance listing
- 14.122
- Agency
-
Assistant Secretary for Housing Federal Housing Commissioner
Department of Housing and Urban Development
- Grant awards
- Not on record
Program facts
- Also known as
- (220 Homes)
- Treasury account
-
- 86-4587-0-3-371
- More information
Program details come from SAM.gov Assistance Listings. Updated .
About this program
The Department of Housing and Urban Development's Federal Housing Commissioner insures mortgages on new or rehabilitated multifamily rental housing in urban renewal areas and neighborhoods receiving concentrated code enforcement or revitalization activities, CFDA 14.122.
The program insures mortgages for construction or rehabilitation of rental properties with two or more units located in designated urban renewal areas, urban development project areas, code enforcement program areas, areas recovering from natural disaster, or areas receiving coordinated housing, physical development, or public service activities. Eligible mortgagors include private profit-motivated entities, public bodies, and others meeting HUD requirements; families and individuals may participate. The maximum mortgage term is 40 years or not in excess of three-fourths of the remaining economic life of the project. Mortgagees must service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and HUD regulations, and HUD reserves the right to audit mortgagee accounts for compliance. HUD will state reasons for refusing an application, and applicants may reapply subject to lender and HUD concurrence.
The source does not provide grant award portfolio data, recent award examples, award dates, assistance-type distribution, dollar volumes, award cadence, or recent grant opportunities. No information is available regarding current program activity, recency of funding disbursements, or whether solicitations are open.
Objective and description
- 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.
- 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.
Eligibility
- Applicant eligibility
Eligible mortgagors include private profit motivated entities, public bodies and others who meet HUD requirements for mortgagors.
- Beneficiary eligibility
Families and Individuals
- Uses of assistance
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.
- Length and time phasing of assistance
The maximum mortgage term is 40 years or not in excess of three-fourths of the remaining economic life of the project.
How to apply
- Application procedure
See Application Procedure
- Award procedure
See Application Procedure.
- Appeals
HUD will state the reasons for refusing an application. The applicant may reapply subject to concurrence of the lender.
Quick answers
What is Assistance Listing 14.122?
Assistance Listing 14.122 is Mortgage Insurance Homes in Urban Renewal Areas, a federal grant program run by Assistant Secretary for Housing Federal Housing Commissioner (Department of Housing and Urban Development).
What is the CFDA number for Mortgage Insurance Homes in Urban Renewal Areas?
Its CFDA number is 14.122: Assistance Listing numbers were called CFDA numbers before 2018.
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