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HUD Section 207

Federal mortgage insurance to finance construction or rehabilitation of manufactured homeparks.

Nature of Program: HUD insures mortgages made by private lending institutions to help finance construction or rehabilitation of manufactured home parks consisting of five or more spaces. The park must be located in an area approved by HUD in which market conditions show a need for such housing.

Applicant Eligibility: Investors, builders, developers, cooperatives, and others meeting HUDís requirements may apply to an FHA-approved lending institution after conferring with the local HUD office.

Legal Authority: Section 207 of the National Housing Act (12 U.S.C. 1713). Regulations are at 24 CFR part 200, subpart A, and part 207.

Administering Office: Assistant Secretary for Housing-Federal Housing Commissioner, U.S. Department of Housing and Urban Development, Washington, DC 20410-8000.

Application:  The sponsor has a pre-application conference with the local HUD Multifamily Hub or Program Center to determine the preliminary feasibility of the project. The sponsor must then submit a site appraisal and market analysis (SAMA) (for new construction projects) or a feasibility application (for substantial rehabilitation projects). Following HUD's issuance of a SAMA or feasibility letter, the sponsor submits a firm commitment application through a HUD-approved lender for processing. Considerations include market need, zoning, capabilities of the borrower, and availability of community resources. If the project meets program requirements, the local Multifamily Hub or Program Center issues a commitment to the lender for mortgage insurance.

Information Sources: Administering office; HUD Multifamily Hubs and ProgramCenters.

On the Web: www.hud.gov/offices/hsg/mfh/progdesc/homepark207.cfm

Current Status: Active.

Source: Programs of HUD, 2006

For more information on how the Danter Company can assist you with the due diligence necessary for a loan application through this program, please contact Terry Hall at (614) 221-9096 or via email at thall@danter.com

   

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