The U.S. Department of Housing and Urban Development has created a program to encourage the building of cooperative apartments. Section 213 insures mortgage loans to facilitate the construction, substantial rehabilitation, and purchase of cooperative housing projects. Each member shares in the ownership of the whole project with the exclusive right to occupy a specific unit and to participate in project operations through the purchase of stock. Section 213 enables non-profit cooperative housing corporations or trusts to develop or sponsor the development of housing projects to be operated as cooperatives, and also allows investors to provide good quality multi-family housing to be sold to non-profit corporations or trusts upon completion of construction or rehabilitation. 170 units were developed last year. (14.126 Mortgage Insurance-Cooperative Projects 213) . For more information contact your local HUD office or check out the program online at www.hud.gov/offices/hsg/mfh/progdesc/progdesc.cfm or Office of Multifamily Housing Development, U.S. Department of Housing and Urban Development, 451 7th Street, Washington, DC 20410; 202-708-1142
Income Eligibility: None for residents
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