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.
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What Is This Program?
What Benefits Are Offered?
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Browse Partner Directory๐ Detailed Application Guide
๐What Are the Application Steps & Timeline?
- ๐Steps 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.
- ๐Application Portal
- http://www.hud.gov/helping-americans
- ๐คSubmission Method
- online
- ๐Intake Type
- fixed-deadline
๐What Documents Are Required?
- โ 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
- ๐Format Requirements
- PDF only, max 10MB
- โ๏ธSupporting Letters
- Letters of support/reference are required.
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๐ฐWhat Expenses Are Eligible?
- ๐งพEligible Expenses
- Mortgage insurance premiums
- Closing costs
- Property taxes
- Homeowner association fees
- ๐ซIneligible Expenses
- Luxury upgrades
- Non-housing related expenses
- Personal debts
- ๐Expense Caps
- Admin costs capped at 15%
- ๐ณPayment Model
- reimbursement
- โชRetroactive Expenses Eligible
- No
๐คIs Matching Funding Required?
๐What Are the Reporting Requirements?
- ๐๏ธReporting Frequency
- annual
- ๐Reporting Requirements
- FHA Annual Management Report
- Quarterly Mutual Mortgage Insurance Fund Report
- ๐Audit Requirements
- OMB Uniform Guidance Single Audit if the recipient expends $750,000 or more in federal awards in a fiscal year
- ๐ขBranding Requirements
- Acknowledgment of federal funding required
- ๐๏ธRecord Retention Period
- 3 years post-final-report
How Do I Apply?
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