Mortgages Insurance for Single Room Occupancy (SRO) Projects

-$82,521 committed in FY2019–FY2019

Agency: Asst Secretary for Housing--Federal Housing Commissioner, Housing and Urban Development, Department of
Assistance: Guaranteed/Insured Loans
CFDA number: 14.184
What it does: The Single Room Occupancy (SRO) Program provides mortgage insurance for multifamily properties consisting of single-room units. There are no Federal rent subsidies involved with this SRO Program. It is aimed at those tenants who have a source of income but are priced out of the rental apartment market. SRO projects will generally require assistance from local governing bodies or charitable organizations in order to reduce the rents to affordable levels.
Who benefits: Residents are subject to normal tenant selection procedures. There are no income limits for admission.
Who applies: Eligible applicants may be nonprofit entities; builder/sellers teamed with a nonprofit purchaser, a limited distribution entity, profit-motivated entities or public entities. Cooperative lenders or investors are not eligible.
Authorized by: National Housing Act, Section 221(d), 12 U.S.C. 1751(d); Section 223(g), 12 U.S.C. 1715 (g).
Program site: http://www.hud.gov/offices/hsg/hsgmulti.cfm. ↗

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Mortgages Insurance for Single Room Occupancy (SRO) Projects

-$82,521 committed in FY2019–FY2019

Agency: Asst Secretary for Housing--Federal Housing Commissioner, Housing and Urban Development, Department of
Assistance: Guaranteed/Insured Loans
CFDA number: 14.184
What it does: The Single Room Occupancy (SRO) Program provides mortgage insurance for multifamily properties consisting of single-room units. There are no Federal rent subsidies involved with this SRO Program. It is aimed at those tenants who have a source of income but are priced out of the rental apartment market. SRO projects will generally require assistance from local governing bodies or charitable organizations in order to reduce the rents to affordable levels.
Who benefits: Residents are subject to normal tenant selection procedures. There are no income limits for admission.
Who applies: Eligible applicants may be nonprofit entities; builder/sellers teamed with a nonprofit purchaser, a limited distribution entity, profit-motivated entities or public entities. Cooperative lenders or investors are not eligible.
Authorized by: National Housing Act, Section 221(d), 12 U.S.C. 1751(d); Section 223(g), 12 U.S.C. 1715 (g).
Program site: http://www.hud.gov/offices/hsg/hsgmulti.cfm. ↗