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Mortgage and Major Home Improvement Loan Insurance
for Urban Renewal Areas (Section 220)
Federally insured loans used to finance mortgages
for housing in urban renewal areas, areas in which concentrated
revitalization activities have been undertaken by local
government, or to alter, repair, or improve housing in those
areas.
Nature of Program: HUD
insures mortgages on new or rehabilitated homes or multifamily
structures located in designated urban renewal areas and areas
with concentrated programs of code enforcement and neighborhood
development. HUD insures supplemental loans to finance
improvements that will enhance and preserve salvageable homes and
apartments in designated urban renewal areas.
Applicant Eligibility:
Investors, builders, developers, individual homeowners, and
apartment owners.
Legal Authority:
Section 220 of the National Housing Act (12
U.S.C. 1715k). Regulations are at 24 CFR part 200, subpart A, and
part 220.
Administering Office:
Assistant Secretary for Housing-Federal
Housing Commissioner, U.S. Department of Housing and Urban
Development, Washington, DC 20410-8000.
Information Sources:
Administering office;HUD Multifamily Hubs and
ProgramCenters.
On the Web:
www.hud.gov/offices/hsg/mfh/progdesc/renturbanhsg220.cfm
Current Status:
The Multifamily program is active, but few
new projects are currently insured each year. The Single Family
program and Supplemental Loan program are not 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 Ken Danter at (614) 221-9096
or at via email at
kend@danter.com
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