Mortgage Insurance Homes in Urban Renewal Areas

Department Of Housing And Urban Development, Asst Secretary For Housing--federal Housing Commissioner

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.

Jargon-free version

Helps property owners finance new or renovated rental housing in urban renewal areas. Provides mortgage insurance for buildings with two or more units.

Quick Facts

Funding
Contact for details
Deadline
Rolling
Status
Rolling Intake
Category
Housing & Community Development
Organization
Department Of Housing And Urban Development, Asst Secretary For Housing--federal Housing Commissioner

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What Is This Program?

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.

What Benefits Are Offered?

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๐Ÿ† Detailed Application Guide

๐Ÿ“‹What Are the Application Steps & Timeline?

๐Ÿ“Steps to Apply
  • Contact your local Public Housing Agency to inquire about the program.
  • Provide necessary documentation regarding income and family size.
  • Submit your application as directed by the Public Housing Agency.
๐ŸŒApplication Portal
http://www.hud.gov/helping-americans
๐Ÿ“คSubmission Method
online
๐Ÿ”„Intake Type
fixed-deadline

๐Ÿ“„What Documents Are Required?

โœ…Required Documents
  • SF-424 (Application for Federal Assistance)
  • SF-424A (Budget Information - Non-Construction)
  • SF-424B (Assurances)
  • Project Narrative
  • Budget Narrative
  • indirect cost rate agreement
  • IRB approval letter
  • environmental review
๐Ÿ“Format Requirements
PDF only, max 10MB
โœ‰๏ธSupporting Letters
Letters of support/reference are required.

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๐Ÿ’ฐWhat Expenses Are Eligible?

๐ŸงพEligible Expenses
  • Mortgage insurance premiums
  • Closing costs
  • Property taxes
  • Homeowner association fees
๐ŸšซIneligible Expenses
  • Luxury upgrades
  • Non-housing related expenses
  • Personal debts
๐Ÿ“Expense Caps
Admin costs capped at 15%
๐Ÿ’ณPayment Model
reimbursement
โชRetroactive Expenses Eligible
No

๐ŸคIs Matching Funding Required?

๐Ÿ“ŠWhat Are the Reporting Requirements?

๐Ÿ—“๏ธReporting Frequency
annual
๐Ÿ“‘Reporting Requirements
  • FHA Annual Management Report
  • Quarterly Mutual Mortgage Insurance Fund Report
๐Ÿ”Audit Requirements
OMB Uniform Guidance Single Audit if the recipient expends $750,000 or more in federal awards in a fiscal year
๐Ÿ“ขBranding Requirements
Acknowledgment of federal funding required
๐Ÿ—„๏ธRecord Retention Period
3 years post-final-report

How Do I Apply?

carmelita_a._james@hud.gov
(202) 402-2579

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FAQFrequently Asked Questions

Visit the program page for detailed eligibility requirements.

Contact the program administrator for funding details.

This program accepts applications on a rolling basis.

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