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 Program Centers.
On the Web: www.hud.gov/offices/hsg/mfh/progdesc/renturbanhsg220.cfm
Current Status: The Multifamily program is active. The Single Family program and Supplemental Loan program are not active.