Government Grants, Loans: Mortgage Insurance for Construction or Substantial Rehabilitation of Condominium Projects (Application Process)

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Mortgage Insurance for Construction or Substantial Rehabilitation of Condominium Projects

Mortgage Insurance for Construction or Substantial Rehabilitation of Condominium Projects

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APPLICATION AND AWARD PROCESS
	· Award Procedure
		The local HUD Multifamily Hub or Program Center reviews the application to determine whether the proposal is feasible. Considerations include market need, zoning, architectural merits, capabilities of sponsors, availability of community resources, etc. If the project meets program requirements, HUD issues the lender a commitment to insure the project mortgage.
	· Preapplication Coordination
		The sponsor will have a preapplication conference with the local HUD Multifamily Hub or Program Center to determine the preliminary feasibility of the project before an application is submitted. This program is excluded from coverage under OMB Circular No. A-102. An environmental assessment is required. This program is eligible for coverage under E.O. 12372, "Intergovernmental Review of Federal Programs." An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review.
	· Application Procedure
		The sponsor submits a formal mortgage insurance application through a HUD approved mortgagee to the local HUD Multifamily Hub or Program Center. This program is excluded from coverage under OMB Circular No. A-110.
	· Deadlines
		Deadlines are established on a case-by-case basis by the local HUD Field Office.
	· Range of Approval/Disapproval Time
		Processing time will depend upon the degree of preparation by the sponsor and the workload of field office.
	· Appeals
		If an application for mortgage insurance is refused, HUD will state the reasons for the refusal. If reapplication is desired, the applicant may modify the application and reapply.
	· Renewals
		The term of a commitment to insure may be extended under certain circumstances when more time is required.

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Mortgage Insurance for Construction or Substantial Rehabilitation of Condominium Projects

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