Mortgage Insurance Cooperative Projects

Objective

Enables nonprofit cooperative ownership housing corporations or trusts to develop or sponsor the development of housing projects to be operated as cooperatives. Section 213 allows investors to provide good quality multifamily housing to be sold to such nonprofit corporations or trusts upon completion of construction or rehabilitation.

Who Can Apply

• Not-for-Profit Organization

Eligible mortgagors are nonprofit cooperatives, ownership housing corporations or trusts which may either sponsor projects directly, sell individual units to cooperative members, or purchase projects from investor-sponsors (builders, developers, or others who meet HUD requirements).

Who Benefits

Members of the cooperative are eligible to occupy a dwelling in the structure whose mortgage is insured under the program.

Assistance Types

• Loan Guarantee

Program Contact

carmelita_a._james@hud.gov
2024022579