Supplemental Loan Insurance Multifamily Rental Housing
Department Of Housing And Urban Development, Asst Secretary For Housing--federal Housing Commissioner
Section 241(a) insures lenders against loss on mortgage defaults on projects already insured by HUD or held by HUD. The program is intended to keep the project competitive, extend its economic life, and to finance the replacement of obsolete equipment. Insured mortgages finance repairs, additions, and improvements to multifamily projects, group practice facilities, hospitals, or nursing homes.
Jargon-free version
Helps owners of multifamily rental housing and health care facilities pay for repairs and improvements. It insures mortgage loans for these projects.
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