Government Grants, Loans: Interest Reduction Payments_Rental and Cooperative Housing for Lower Income Families (Application Process)

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Interest Reduction Payments_Rental and Cooperative Housing for Lower Income Families

Interest Reduction Payments_Rental and Cooperative Housing for Lower Income Families

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APPLICATION AND AWARD PROCESS
	· Award Procedure
		The local HUD office or State or local Housing Finance Agency reviewed the application to determine site appraisal and market analysis. Market need, correct zoning, environmental assessment and value of site fully improved were considered. The local office granted feasible proposals a tentative reservation of contract authority, and the sponsor was invited to apply for mortgage commitment, at which stage(s) further technical processing was completed. No new applications for project mortgage insurance are being accepted.
	· Preapplication Coordination
		Documentation regarding property characteristics and mortgagor qualifications was assembled by the mortgagee and submitted with the application. The sponsor held a preapplication conference with the local HUD field office with multifamily processing. This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under E.O. 12372. An environmental assessment was required for this program. No applications for new projects are being accepted.
	· Application Procedure
		No applications for new projects are being accepted. Sponsors submitted FHA Form No. 2013, application and other documentation for FHA Review of Proposed Development, to local HUD field office with multifamily processing or equivalent documentation to a State or local Housing Finance Agency approved by HUD for participation in the program. This program is excluded from coverage under OMB Circular No. A-110.
	· Deadlines
		Program is inactive. No new applications are being accepted.
	· Range of Approval/Disapproval Time
		None.
	· Appeals
		None.
	· Renewals
		Not applicable.

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Interest Reduction Payments_Rental and Cooperative Housing for Lower Income Families

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