Section 542(c) enables the U.S. Department of Housing and Urban Development (HUD) and State and local housing finance agencies (HFAs) to provide new risk-sharing arrangements to help those agencies provide more insurance and credit for multifamily loans. Section 542(c) provides credit enhancement for mortgages of multi-family housing projects whose loans are underwritten, processed, serviced, and disposed of by HFAs. HUD and HFAs share in the risk of the mortgage.
Eligible mortgagors include investors, builders, developers, public entities, and private nonprofit corporations or associations may apply to a qualified HFA. (14.188 HFA Risk Sharing Pilot Program) Contact your local HUD office or check out the program online at http://www.hud.gov/offices/hsg/mfh/progdesc/riskshare542c.cfm or Office of Multifamily Development, U.S. Department of Housing and Urban Development, Washington, DC 20410; 202-708-1142
Income Eligibility: Determined on a case-by-case basis.
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