Department of Housing and Urban Development February 1, 2011 – Federal Register Recent Federal Regulation Documents
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Federal Housing Administration (FHA): Refinancing an Existing Cooperative Under Section 207 Pursuant to Section 223(f) of the National Housing Act
HUD proposes to revise its regulations governing the eligibility for FHA insurance of mortgages used for the purchase or refinancing of existing multifamily housing projects. Although the statutory language authorizing such insurance does not distinguish between rental or cooperative multifamily projects, HUD's current regulations limit FHA insurance to existing rental projects. Given the current crisis in the capital markets and the significant downturn in the multifamily market, the Department has determined that this is an appropriate time to reconsider this regulatory imposed limitation with respect to the mortgage insurance for the refinancing of cooperative projects. As mortgage lenders strive to increase capital reserves and tighten underwriting standards, the availability of financing for multifamily housing has been reduced. FHA mortgage insurance could significantly improve the availability of funds and permit more favorable interest rates than would otherwise be likely. Accordingly, this proposed rule would revise HUD's regulations to enable existing multifamily cooperative project owners to obtain FHA insurance for the refinancing of existing indebtedness.
Notice of Availability: Notice of Funding Availability (NOFA) for Fiscal Year (FY) 2010 Service Coordinators in Multifamily Housing.
HUD announces the availability on its website of the applicant information, submission deadlines, funding criteria, and other requirements for the HUD's Fiscal Year (FY) 2010 Service Coordinators in Multifamily Housing NOFA. This NOFA announces the availability of $31 million in Fiscal Year (FY) 2010 funding for the employment and support of Service Coordinators in insured and assisted housing properties that were designed for the elderly or nonelderly persons with disabilities and continue to operate as such. Service coordinators help residents obtain supportive services from the community that are needed to enable independent living and aging in place. The notice providing information regarding the application process, funding criteria and eligibility requirements can be found using the Department of Housing and Urban Development agency link on the Grants.gov/Find Web site at https://www.grants.gov/search/agency.do. A link to Grants.gov is also available on the HUD Web site at https:// www.hud.gov/offices/adm/grants/fundsavail.cfm. The Catalogue of Federal Domestic Assistance (CFDA) number for this program is 14.191. Applications must be submitted electronically through Grants.gov.
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