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HUD/OH | RIN: 2502-AI92 | Publication ID: Fall 2014 |
Title: Federal Housing Administration (FHA): Refinancing an Existing Cooperative Under Section 207 Pursuant to Section 223(f) of the National Housing Act (FR-5395) | |
Abstract:
This rule revises HUD's regulations governing the eligibility for FHA insurance of mortgages used for the purchase or refinancing of existing multifamily housing projects. Although the statutory language authorizing such insurance does not distinguish between rental or cooperative multifamily projects, HUD's current regulations limit FHA insurance to existing rental projects. Given the continued credit crunch in the capital markets and the downturn in the multifamily market, HUD has determined that it is an appropriate time to reconsider this regulatory imposed limitation with respect to the mortgage insurance for the refinancing of cooperative projects. As mortgage lenders strive to increase capital reserves and tighten underwriting standards, the availability of financing for multifamily housing has been reduced. FHA mortgage insurance could significantly improve the availability of funds and permit more favorable interest rates than would otherwise be likely. Accordingly, this rule revises HUD's regulations to enable existing multifamily cooperative project owners to obtain FHA insurance for the refinancing of existing indebtedness. |
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Agency: Department of Housing and Urban Development(HUD) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 24 CFR 200 | |
Legal Authority: 12 USC 1703 12 USC 1709 12 USC 1715b 42 USC 3535(d) |
Legal Deadline:
None |
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Timetable:
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Additional Information: Includes Retrospective Review under Executive Order 13563. | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Jim Carey Director, Program Administration Division, Office of Multifamily Housing Production Department of Housing and Urban Development Office of Housing 451 7th Street, SW, Washington, DC 20410 Phone:202 402-3293 |