Mortgage Insurance Cooperative Projects
Active
- Assistance listing
- 14.126
- Agency
-
Assistant Secretary for Housing Federal Housing Commissioner
Department of Housing and Urban Development
- Grant awards
- Not on record
Program facts
- Also known as
- Cooperative Housing Mortgage Insurance - Section 213
- Treasury account
-
- 86-4077-0-3-371
- More information
Program details come from SAM.gov Assistance Listings. Updated .
About this program
The Department of Housing and Urban Development's Office of the Assistant Secretary for Housing—Federal Housing Commissioner administers mortgage insurance under CFDA 14.126 to finance cooperative housing projects, with decisions on individual applications made by local HUD field offices on an ongoing basis.
The program enables nonprofit cooperative ownership housing corporations and trusts to develop or sponsor multifamily housing projects operated as cooperatives. Eligible activities include mortgage insurance for new construction, substantial rehabilitation, and purchase of cooperative housing projects. HUD commits to process applications within 90 days, less time spent waiting for applicant responses to information requests. The local HUD field office approves or rejects each application and issues a commitment to insure the mortgage to the lender. Applicants may appeal denials according to MAP Guide specifications. HUD reserves audit rights over mortgagee and mortgagor accounts to verify compliance with regulations and standards.
The source does not report recent grant awards, award dollar volumes, assistance-type mix, or open grant opportunities. It does not contain a portfolio analysis block or recent-awards examples, and it does not identify any currently posted solicitations. The program description addresses mortgage insurance underwriting and administrative process rather than a competitive grant program with distinct funding cycles or published opportunity announcements. Lending decisions follow individual application submission rather than batch solicitation rounds.
Organizations pursuing cooperative housing finance under this program should contact the local HUD field office serving their geographic area to begin the mortgage insurance application process and discuss project eligibility, documentation requirements, and estimated processing timelines. The MAP Guide referenced in the program description provides additional guidance on appeal procedures and underwriting specifications.
Objective and description
- Objective
Enables nonprofit cooperative ownership housing corporations or trusts to develop or sponsor the development of housing projects to be operated as cooperatives. Section 213 allows investors to provide good quality multifamily housing to be sold to s
- Description
Mortgage insurance to finance new construction, substantial rehabilitation, and purchase of cooperative housing projects.
Eligibility
- Applicant eligibility
Eligible mortgagors are nonprofit cooperatives, ownership housing corporations or trusts which may either sponsor projects directly, sell individual units to cooperative members, or purchase projects from investor-sponsors (builders, developers, or others who meet HUD requirements).
- Beneficiary eligibility
Members of the cooperative are eligible to occupy a dwelling in the structure whose mortgage is insured under the program.
- Uses of assistance
Section 213 insures lenders against loss on mortgages. Insured mortgages may be used to finance construction, acquisition of existing, or rehabilitation of detached, semidetached, row, walk-up, or elevator type housing consisting of five or more 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. Contractors for new construction and substantial rehabilitation housing projects must comply with prevailing wage requirements under the Davis-Bacon Act.
- 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, whichever is less, except for sales type cooperatives where the maximum term is 35 years or not in excess of three-fourths of the remaining economic life, whichever is less.
How to apply
- Preapplication coordination
See the MAP Guide.
- Award procedure
The local HUD field office decides whether to approve, or reject individual applications and whether to issue a commitment to the lender to insure the mortgage.
- Deadlines
See the MAP Guide
- Time to approval or disapproval
Processing times will vary though processing goals are 90 days less any time the lender spends responding to HUD requests for additional information, documentation, etc.
- Renewals
The term of a commitment to insure may be extended when more time is required.
- Appeals
If any application for mortgage insurance is denied, HUD will state the reasons for the denial. Appeals may be made in accordance with MAP Guide specifications.
Quick answers
What is Assistance Listing 14.126?
Assistance Listing 14.126 is Mortgage Insurance Cooperative Projects, 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 Cooperative Projects?
Its CFDA number is 14.126: Assistance Listing numbers were called CFDA numbers before 2018.
On GovTribe
See this program's full record
- Every grant award and opportunity under it
- Funding by recipient, agency and assistance type
- Alerts for new opportunities
- Ask GovTribe AI about this program