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stallation. The maximum mortgage cannot exceed the lesser of a dollar amount and an amount computed under a statutory formula based on the ratio the loan bears to the appraised value of the property. Certification by the Secretary of Defense, the Administrator of the NASA or the Chairman of the AEC, as appropriate, is required regarding the status of the mortgagor as an employee at the installation (civilian employee or person on military duty), the mortgagor's need for housing, the general need for housing accommodations at the installation, and the permanency of the personnel as. signed to the installation. The Secretary of Defense, the Administrator of the NASA or the Chairman of the AEC, as appropriate, may be required to guarantee the insured mortgages, if the Commissioner determines that the housing is not an acceptable risk.

(b) This program is authorized by section 809 of the National Housing Act and governed by the regulations contained in Part 809 of this chapter. [32 F.R. 15637, Nov. 10, 1967] $ 200.19 Other home mortgage assist

ance.

the Armed Forces or the Coast Guard. The maximum mortgage cannot exceed the lesser of a dollar amount and an amount computed under a statutory formula based on the ratio the loan bears to the appraised value of the property. Certification by the Secretary of Defense (or the Secretary of Transportation for Coast Guard personnel) is required to the effect that the serviceman requires housing and that he is and has been for more than 2 years on active military duty.

(b) This program is authorized under Title II, section 222 of the National Housing Act and governed by regulations contained in Part 222 of this chapter. [26 F.R. 7380, Aug. 12, 1961, as amended at 32 F.R. 15637, Nov. 10, 1967) $ 200.14 Homes for veterans.

(a) The FHA insures mortgages on single-family dwellings owned and occupied by veterans. To qualify as a veteran, the mortgagor must have served 90 days or more on active duty in the armed forces of the United States and have been discharged or released therefrom under conditions other than dishonorable. Extra hazardous duty for a period of less than 90 days will also qualify a mortgagor as a veteran. The maximum mortgage cannot exceed the lesser of a dollar amount and an amount computed under a statutory formula based on the ratio the loan bears to the appraised value of the property. The program offers lower downpayment mortgage financing for the veteran than is available under the regular home mortgage insurance program described in $ 200.10.

(b) This program is authorized under title II, sections 203 and 220 of the National Housing Act and title VIII, section 809 of such Act. The applicable regulations are contained in Parts 203, 220, and 809 of this chapter. (32 F.R. 15637, Nov. 10, 1967) $ 200.15 Housing for civilian employees

of the Armed Services, NASA, and

AEC. (a) The FHA insures mortgages covering purchases of one- to four-family homes by civilian employees of an Armed Services or National Aeronautics and Space Administration research and development installation and by civilian and military personnel employed or assigned to duty at an Atomic Energy Commission research and development in

The FHA offers other types of home mortgage insurance assistance in connection with programs under other titles of the National Housing Act as indicated by $ $ 200.25, 200.26, 200.30, and 200.32 through 200.35 of this subpart. (32 F.R. 15637, Nov. 10, 1967]

PROJECT MORTGAGE INSURANCE $ 200.20 Rental projects.

(a) The FHA insures mortgages, including advances made during construction, on rental projects of eight or more units developed either by a private or public mortgagor. The statute prescribes a maximum mortgage determined by a dollar amount, an amount computed under a formula based on the ratio the loan bears to the appraised value of the property, and a varying amount depending upon the number of bedrooms in each dwelling unit.

(b) The basic rental housing project mortgage insurance program is authorized under section 207 of the National Housing Act. The regulations governing this activity are contained in Part 1 207 of this chapter. (26 F.R. 7380, Aug. 12, 1961, as amended at 32 F.R. 15637, Nov. 10, 1967]

a

$200.21 Housing for the elderly.

veloped for military personnel and es(a) The FHA insures mortgages, in

sential civilian employees of the armed cluding advances made during construc

services or Coast Guard, employees of tion, on housing projects for the elderly

contractors for the armed services or developed by a private, profit-making

Coast Guard, and essential personnel mortgagor or a nonprofit organization,

employed or assigned to duty at a reFederal or State instrumentality, a mu

search or development installation of

the National Aeronautics and Space Adnicipal corporation, or a nonprofit de

ministration or the Atomic Energy Comvelopment or housing corporation. Preference for occupancy in such projects

mission or employees of a contractor of is required for elderly persons 62 years

NASA or AEC who are employed at a of age or over and for the physically

research or development installation. handicapped. The statute prescribes a

The statute prescribes a maximum mortmaximum mortgage determined by a

gage determined by a dollar amount and dollar amount, an amount computed un

an amount computed under formulas, der a formula based on a ratio the loan

which differ for the rental and sales bears to the replacement cost of the

projects, based on the ratio the loan property, and a varying amount depend

bears to the appraised value of the proping upon the number of bedrooms in each

erty. In rental projects, there is an addwelling unit.

ditional limitation based on the number (b) This program is authorized under

of bedrooms in each dwelling unit. Prosection 231 of the National Housing Act

vision is included for the insurance of the and governed by the regulations con

mortgages financing the purchase of the tained in Part 231 of this chapter.

individual dwelling units in a sales

project. (32 F.R. 15637, Nov. 10, 1967)

(b) This program is authorized under $ 200.22 Nursing homes.

title VIII, section 810 of the National (a) The FHA Insures mortgages, in

Housing Act and governed by regulations cluding advances made during construc

contained in Part 810 of this chapter. tion, on nursing homes either of the (32 F.R. 15638, Nov. 10, 1967) proprietary or nonprofit type. The stat

$ 200.26 Condominium ownership. ute prescribes a maximum mortgage determined by a dollar amount and an (a) The FHA insures mortgages, inamount computed under a formula cluding construction advances, on multibased on a ratio the loan bears to the family housing projects developed with estimated value of the property.

the intention of converting, upon con(b) This program is authorized under struction, to a plan of apartment ownersection 232 of the National Housing Act ship under which the family units in the and governed by the regulations con- project are sold to individual owners. In tained in Part 232 of this chapter. addition, insurance is provided for mort132 F.R. 15638, Nov. 10, 1967)

gages financing the purchase of the in

dividually owned apartment units. $200.24 Investment insurance.

(b) The maximum mortgage is com(a) In order to encourage investment puted as follows: in debt-free rental housing for families (1) Multifamily housing project mortof moderate income the FHA insures the gages are limited to the lesser of a dollar minimum amortization charge of 2 per

amount, an amount computed under a cent of the established investment (in- statutory formula based on the ratio the cluding all approved costs prior to initial loan bears to the replacement cost of the occupancy) and a fixed annual return on project, or an amount based on the numthe outstanding investment in an eligible ber of bedrooms in each dwelling unit. project.

(2) Individual mortgages on the apart(b) This program is authorized under

ment units are limited to the lesser of a title VII of the National Housing Act

dollar amount and an amount computed and governed by Part 702 of this chapter.

under a statutory formula based on the [26 F.R. 7381, Aug. 12, 1961, as amended at

ratio the loan bears to the appraised 82 FR. 15638, Nov. 10, 1967]

value of the apartment unit.

(c) This program is authorized under $ 200.25 Armed services housing-im- section 234 of the National Housing Act. pacted areas.

The applicable regulations are contained (a) The FHA insures mortgages on in Part 234 of this chapter. rental and sales housing projects de- (32 F.R. 15638, Nov. 10, 1967)

50-047-71- -10

ance.

8 200.27 Land development.

based on a ratio the loan bears to th (a) The FHA insures mortgages for

estimated value of the property, includ land development in connection with sub

ing equipment. divisions and new communities. This au

(b) The program is authorized unde thorization is designed to assist private

title XI of the National Housing Act an enterprise by enabling private develop

governed by regulations contained i ers to purchase raw land and develop it

Part 1100 of this chapter. to provide a steady supply of improved

(32 F.R. 15638, Nov. 10, 1967) building sites in an orderly and economi- $ 200.29 Other project mortgage assist cal manner. The type of improvements to be installed by the developer and which may be financed with the mortgage pro

The FHA offers other types of projec ceeds includes installations for water

mortgage insurance in connection wit lines, water supply, sewage disposal; for

programs under other titles of the Na complete water or sewerage systems;

tional Housing Act

b

as indicated roads, streets, curbs, gutters, sidewalks.

$$ 200.30 through 200.35 of this subpar and storm drains. The total outstanding

(32 F.R. 15638, Nov. 10, 1967] principal of mortgages, involving a sin

COOPERATIVE HOUSING INSURANCE gle land development undertaking, shall at no time exceed a dollar amount pre

$ 200.30 Cooperative projects. scribed by statute. The statute further (a) The FHA insures mortgages, in prescribes a maximum mortgage deter- cluding construction advances, on coop mined by the ratio the loan bears either erative housing projects. The mortgagc. to the value of the property after com- may be a nonprofit cooperative owner pletion of the land development or the ship housing corporation or trust, th value before proposed development plus permanent occupancy of the dwelling the cost of such development. The mort- being restricted to members of the cor gage has a fixed maturity which may be poration or beneficiaries of the trus extended where the financing of a water (management type project), or a non or sewerage system or of a new com- profit corporation or trust organized fo munity is involved.

the purpose of building homes for mem (b) This program is authorized under bers (sales type project) or a corporat title X of the National Housing Act and investor that certifies to the FHA its in governed by regulations contained in tention of selling the project to a coop Part 1000 of this chapter.

erative group within 2 years after com (32 F.R. 15638, Nov. 10, 1967)

pletion (investor-sponsor project). In ad $ 200.28 Group practice facilities.

dition, the FHA insures supplementar

cooperative loans to a nonprofit coop (a) The FHA insures mortgages to erative project for improvements 0 make credit available on reasonable repairs to property which is alread terms to finance construction and equip- covered by an FHA-insured project mort ment of medical, dental and optometric gage or for community facilities neces group practice facilities. The sponsoring sary to serve the occupants of such proj group or organization may be either ects or to finance cooperative purchase profit motivated or nonprofit, but the and resales of membership. mortgagor entity must be nonprofit. It (b) The maximum mortgage on proj may operate the proposed facility or ect type housing cannot exceed the lesse lease it to a professional group, either of a dollar amount or an amount com profit or nonprofit. The professional puted under a statutory formula baser group, of not less than five physicians on a ratio the loan bears to the replace or not less than three dentists and op- ment cost of the property. In the case o tometrists, all on a full-time schedule, sales type projects, provision is made foi shall have the intention and capability the release of the individual properties of providing eventive and diagnostic from the blanket project me ge, and treatment services of a comprehensive the insurance of the individual mortgage nature under a coordinated program with covering the individual dwelling with the payment for such services on either a principal amount limited to the unpaid prepayment or fee-for-service basis. The balance of the blanket mortgage allocable 25-year mortgage shall not exceed the to the individual property as of the date lesser of a dollar amount or an amount of the release. In the case of a supplecomputed under a statutory formula mentary cooperative loan, the loan is

basically limited to an amount which ing. Insurance on multifamily project when added to the outstanding mortgage mortgages may include coverage of conindebtedness creates a total indebtedness struction advances. which does not exceed the original prin- (b) The determination of maximum cipal obligation of the mortgage. The mortgage is governed by the following: total indebtedness created by the supple- (1) On a 1- to 11-family dwelling the mentary cooperative loan may exceed the mortgage is limited to the lesser of a original principal obligation where im- dollar limitation, governed by the numprovements or additional community fa- ber of residences in the dwelling, or a cilities are involved, provided such total ratio of loan to the estimated replacedoes not exceed the mortgage amount ment cost established under a statutory which would be eligible for insurance if formula. Where rehabilitation is inthe original mortgage were to be replaced volved, an additional adjustment in the with a new insured mortgage refinancing maximum mortgage is made on the basis the existing indebtedness and financing of the estimated cost of rehabilitation the improvements.

and the estimated value of the property (c) This program is authorized under prior to rehabilitation. Where refinancing Title II, section 213 of the National is involved, a further adjustment is made Housing Act and governed by regulations on the basis of the amount required to contained in Part 213 of this chapter. pay off the outstanding indebtedness. 126 F.R. 7381, Aug. 12, 1961, as amended at (2) On a multifamily project, the 32 F.R. 15638, Nov. 10, 1967)

mortgage is limited to the lesser of:

(i) A dollar amount. TRAILER COURTS AND PARKS INSURANCE

(ii) An amount computed under a $200.31 Sites and facilities for mobile statutory formula based on a ratio the homes.

loan bears to the replacement cost of (a) The FHA insures mortgages on

the property with an additional adjusttrailer courts and parks. The mortgage

ment made where the project involves transaction must be acceptable to the

rehabilitation and/or refinancing. Where ! Commissioner and the maximum mort

rehabilitation is involved, the mortgage gage cannot exceed an amount computed

is adjusted on the basis of the estimated under a statutory formula based on a

cost of rehabilitation and the estimated ratio the loan bears to the estimated

value of the property prior to rehabilitavalue of the property after the improve

tion. Where refinancing is involved, a ments are completed. The insurance

further adjustment is made on the basis applies to mortgages on sites and facil

of the amount required to pay off the ities but not on the trailers themselves.

outstanding indebtedness. The court or park must have at least

(iii) An amount based on the number

of bedrooms in each dwelling unit. fifty spaces on one site designed for

(c) This program is authorized under rental use for trailers or mobile homes

Title II, section 220 of the National and must meet minimum requirements

Housing Act and governed by regulations designed to improve the living conditions contained in Part 220 of this chapter. of the occupants.

[26 F.R. 7381, Aug. 12, 1961, as amended at (b) This program is authorized under 31 F.R. 7743, June 1, 1966, 32 F.R. 15638, Title II, section 207 of the National Nov. 10, 1967) Housing Act and governed by regulations

LOW AND MODERATE INCOME HOUSING contained in Part 207 of this chapter. (26 F.R. 7381, Aug. 12, 1961)

$ 200.33 Low cost homes and moderate

income projects. URBAN RENEWAL INSURANCE

(a) The FHA insures mortgages on $ 200.32 Residential rehabilitation.

low cost homes for low and moderate (a) In urban renewal areas, the FHA income families with special terms availinsures mortgages on dwellings designed able to families displaced from an urban principally for residential use by not renewal area, or as a result of governmore than 11 families and on multifamily mental action, or as a result of a disaster rental projects. The mortgages may be determined by the President to be a for financing the rehabilitation of exist- major disaster. Also, mortgages are ining salvable housing (including the re- sured by the FHA, including construction financing of existing indebtedness) or for advances, on projects for moderate inthe replacement of slums with new hous- come families involving profit, nonprofit, public, limited distribution and coopera- EXPERIMENTAL HOUSING INSURANCE tive mortgagors. Projects must be lo

$ 200.35 Experimental housing. cated in a community which the Secretary of Housing and Urban Development (a) The FHA insures mortgages on has approved and certified to the FHA home and multifamily properties that as having a workable program designed incorporate new or untried construction to eliminate slums and prevent the concepts aimed at reducing housing costs, spread of urban blight. Projects meeting raising living standards, quality, livaspecial criteria may be insured at a below bility or durability, or improving neighmarket interest rate. Eligibility for oc- borhood design. The program contemcupancy of a project financed with a plates the utilization and testing of below market interest rate mortgage is advanced technology in housing design limited to families and elderly or handi- materials, or products so as to contribute capped individuals having an income to the foregoing objectives. Mortgages oi below the income ceiling established by

improvement loans that meet the eligi. the Commissioner for the area in which bility requirements for insurance under the project is located.

any of the various FHA title II home oi (b) The maximum mortgage on a low project mortgage programs may be eligicost home is limited to the lesser of the ble for insurance under the experimental value of the property or a dollar amount

housing section of the Act, provided the which depends on whether a one-, two-, proposed construction meets applicable three- or four-family residence is in- eligibility and property standards for the volved. Where rehabilitation is involved, section of the Act under which it is to be an additional adjustment in the maxi- processed. The maximum mortgage canmum mortgage is made on the basis of not exceed an amount computed under a the estimated cost of rehabilitation and statutory formula based on a ratio the the estimated value of the property prior

loan bears to the estimated cost of reto rehabilitation. The maximum mort- placing the property using comparable gage on a multifamily project is limited conventional design, materials and conto the lesser of:

struction. (1) A dollar amount.

(b) This program is authorized under (2) An amount computed under a

section 233 of the National Housing Act statutory formula based on a ratio the and governed by the regulations conloan bears to the replacement cost of

tained in Part 233 of this chapter. the property with an additional adjust- [32 F.R. 15639, Nov. 10, 1967) ment made where the project involves

PROPERTY IMPROVEMENT LOAN INSURANCE rehabilitation. In such instances, the mortgage is limited to the estimated cost $ 200.38 Title I improvement loans. of rehabilitation plus the estimated value

(a) The FHA insures financial instiof the property prior to rehabilitation.

tutions against loss on short term loans (3) An amount based on the number

(5 to 7 years) made to finance alteraof bedrooms in each dwelling unit.

tions, repairs and improvements to exist(c) This program is authorized under

ing structures and the building of small title II, section 221 of the National Hous

new structures for nonresidential use. TO ing Act and governed by regulations con

be eligible, the existing structures must tained in Part 221 of this chapter.

have been completed at least 90 days (32 F.R, 15639, Nov. 10, 1967]

prior to the loan application. PUBLICLY CONSTRUCTED HOUSING

(b) This program is authorized under INSURANCE

title I, section 2 of the National Housing

Act and governed by regulations con$ 200.34 Miscellaneous type mortgages. tained in Part 201 of this chapter.

The FHA insures mortgages financing [32 F.R. 15639, Nov. 10, 1967) purchases of certain types of permanent

$ 200.39 Other improvement loans. housing sold by Federal and State Governments, including the first resale. (a) The FHA insurers financial instiThis program is authorized under Title tutions against loss on long-term (20II, section 223 of the National Housing year) loans made to finance the repair, Act and governed by regulations set out restoration, rehabilitation, conversion, in connection with each of the applicable alteration, enlargement or remodeling of insurance programs.

individual homes or multifamily struc[26 F.R. 7381, Aug. 12, 1961)

tures. To be eligible, the structures must

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