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
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.
Assistant Secretary for Housing-Federal Housing Commissioner, U.S.
Department of Housing and Urban Development, Washington, DC
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.
Administering office; HUD Multifamily Hubs and ProgramCenters.
On the Web:
Current Status: Active.
Source: Programs of HUD, 2006
For more information on how Danter and Associates 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