What is the Department of Housing and Urban Development (HUD)?
HUD Multifamily Loans and the HUD 223(f) Loan Program
The Department of Housing and Urban Development, otherwise known as HUD, is a cabinet department in the executive branch of the U.S. government. It's mission is helping address America's need for housing and enforcing fair housing regulations across the country. As part of its mission, HUD provides mortgage insurance for a variety of different types of loans offered by private lenders, including HUD 223(f) multifamily acquisition and refinancing loans.
What Other Kinds of Loans Does HUD Insure?
In addition to the HUD 223(f) program, HUD insures loans for single-family homes, and multifamily loans under programs including:
HUD 221(d)(4): Loans for the new construction and substantial rehabilitation of multifamily properties.
HUD 232 and 232/223(f): Loans for the new construction, substantial rehabilitation, acquisition, and refinancing of senior living facilities, including assisted living facilities, skilled nursing facilities, and Alzheimer's/Dementia care facilities.
HUD 223(a)(7): Refinancing for current HUD multifamily loan borrowers.
HUD 241(a): Supplemental loans for current HUD multifamily loan borrowers.