FHA®220
Mortgage Insurance for Rental Housing for Urban Renewal and Targeted Redevelopment*
Arbor provides FHA-insured, long-term, fixed rate financing for new construction and substantial rehabilitation of multifamily projects nationwide. This program provides for both construction and permanent financing for projects in urban renewal areas and other areas where local governments have undertaken designated revitalization activities. Applications are typically processed in two stages (preliminary application followed by firm application). Affordable/rental assisted projects and HUDexperienced development teams may request a “straight to firm” application, saving significant time by eliminating the preliminary application stage.
V020224
* The property must be located in either a concentrated development area approved by the applicable HUD Multifamily Regional Center or Satellite Office or one of the following:
1. Existing slum clearance and urban redevelopment projects covered by a Federal aid contract before the effective date of the Housing Act of 1954.
2. Opportunity Zones.
3. An approved urban renewal area under Title I of the Housing Act of 1949.
4. Disaster urban renewal projects assisted under Section III of the Housing Act of 1949 as amended.
5. An area of concentrated code enforcement being carried out under Section 117 of the Housing Act of 1949. The Multifamily Regional Center or Satellite Office will consider proposals in concentrated development areas in which concentrated housing, physical development and public service activities are being carried out in a coordinated manner, pursuant to a locally developed strategy for neighborhood improvement, conservation or preservation. Locally developed strategies may be informal, but must do all of the following:
- Provide for a combination of physical improvements, necessary public facilities and services, housing programs, private investment, and citizen self-help activities appropriate to the needs of the area;
- Coordinate public and private development efforts; and
- Provide sufficient resources to produce substantial long-term improvements in the area within a reasonable amount of time, considering the severity of the area’s problems.
