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HUD Section 213

HUD Section 207

Section 213 insures loans for the construction, acquisition, and the rehabilitation of cooperative housing. Each member of Section 213 is able to share ownership of the project and has the right to participate in project operations and occupy a specific unit by purchasing stock.

Purpose

Section 213 enables nonprofit cooperative living corporations or trusts to develop or sponsor the development of housing projects to be operated as cooperatives. Investors also have the ability to provide good quality multifamily housing to be sold to non-profit corporations or trusts upon completion of construction or rehabilitation.

Eligible Uses

Section 213 mortgage insurance can be used to finance properties with at least 5 five units. A project is eligible for mortgage insurance if the sponsor can demonstrate that there is a market demand, that the project is financially self-sustaining. There are also LTV and DSCR limitations. The mortgage is limited to 90% of the appraised value.

Eligible Borrowers

Non-profit housing corporations and trusts are eligible for this program.

FHA Multifamily Mortgages

Multifamily Loans
Cooperative Housing - Section 213 Existing Multifamily Rental Housing - Sections 207/223(F)
Housing Finance Agency Risk-Sharing - Section 542(c) Manufactured Housing - Section 207
Rental & Cooperative Housing - 221(d)(4) Rental Housing - Section 207
Rental Housing for Urban Renewal and Concentrated Development Areas - Section 220 Risk-Sharing Program - Qualified Participating Entities (QPE) - Section 542(b)
Senior Housing - Section 231 Supplemental Multifamily Loans - Section 241

FHA Special Needs Housing Loans

FHA Special Needs Housing Mortgages
Assisted Living Conversion Program (ALCP) Demonstration Program for Elderly Housing for Intergenerational Families
Emergency Capital Repair Program (ECRP) Supportive Housing for the Elderly Program - Section 202
Supportive Housing for Persons with Disabilities - Section 811

FHA Health Care Mortgages

FHA Health Care Mortgages
Hospital Facilities - Section 242 Residential Care Facilities - Section 232

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