Existing Multifamily Rental Housing (Section
207/223(f))
Federal mortgage insurance under
Section 207 of the National Housing Act pursuant to Section 223(f)
of the National Housing Act for the purchase or refinancing of
existing apartment projects; to refinance an existing cooperative
housing project; or for the purchase and conversion of an existing
rental project to cooperative housing.
Nature of Program:
HUD insures mortgages under Section 207 of
the National Housing Act pursuant to Section 223(f) of the same
Act to purchase or refinance existing multifamily projects
originally financed with or without federal mortgage insurance.
HUD may insure mortgages on existing multifamily projects under
this program that do not require substantial rehabilitation. A
project must contain at least five units, and construction or
substantial rehabilitation must have been completed for 3 years or
more.
Applicant Eligibility: Investors,
builders, developers, and others who meet HUD requirements.
Legal Authority:
Section 223(f) of the National Housing Act
(12 U.S.C. 1715n(f)). 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.
Information Sources:
Administering office; HUD Multifamily Hubs
and Program Centers.
On the Web:
www.hud.gov/offices/hsg/mfh/progdesc/purchrefi223f.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 Ken Danter at (614) 221-9096
or at via email at
kend@danter.com
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