Section 220 insures loans for multifamily housing projects in urban renewal areas, code enforcement areas, and other areas where local governments have undertaken designated revitalization activities. Section 220 insures lenders against loss on mortgage defaults. (14.139 Mortgage Insurance-Rental Housing in Urban Renewal and Concentrated Development Areas 220 Multi-family) Contact your local HUD office, contact the FHA Mortgage Hotline at 1-800-HUDSFHA, or check out the program online at www.hud.gov/offices/hsg/mfh/progdesc/progdesc.cfm or Office of Multifamily Development, U.S. Department of Housing and Urban Development, Washington, DC 20410; 202-708-1112
Income Eligibility: Must meet HUD requirements for mortgagers
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