HUD announced that the Federal Housing Administration (FHA) will insure mortgages on mixed-use development in opportunity zones under the agency’s Section 220 program. Historically, Section 220 has provided mortgage insurance for rental housing in downtown urban areas that have been targeted for overall revitalization. Now, all 8,764 Opportunity Zones, including those located in rural area, are eligible for mortgage insurance under this program.
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HUD’s Housing Notice 2019-07 provides incentives for multi-family property owners to invest in Opportunity Zones across the nation. Applicants to FHA’s Section 221(d)(4), Section 220 and Section 223(f) will be eligible for significantly lower application fees provided the property is located within an Opportunity Zone.Read More
HUD announced the expansion a Federal Housing Administration (FHA) pilot program that streamlines FHA mortgage insurance applications for affordable housing developments that have equity from the sale of LIHTC Program to also include Section 221(d)(4) and Section 220 loan products.Read More