The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.
Uses and Use Restrictions
Lenders may use grant funds to support costs associated with creating or enhancing staffing to deliver or report on PowerSaver-insured loans; Fund the costs of loan marketing, originating, and/or underwriting; offset costs associated with appraisals and for those lenders that service their own loans, reduce servicing costs.
Lenders applying for grant must be an FHA Title I approved lender and describe sufficient capabilities to participate and carry out the program goals.
No Credentials or documentation are required. This program is excluded from coverage under OMB Circular No. A-87.
Aplication and Award Process
Preapplication coordination is not applicable.
Environmental impact information is not required for this program.
This program is excluded from coverage under E.O.
OMB Circular No. A-102 applies to this program. OMB Circular No. A-110 applies to this program. Lenders were required to submit a non-binding Expression of Interest and provide information as directed in Federal Register Notice published November 10, 2010. OMB Circulars 102 and 110 are applicable.
A panel of reviewed, evaluated applicants based on information supplied in their Expression of Interest. Award amounts were weighed on their forecasted program volume.
Jan 31, 2011 As provided in Federal Register Notice, the deadline for lenders to submit an Expression of Interest was January 31, 2011.
The Consolidated Appropriations Act 2010.
Range of Approval/Disapproval Time
Formula and Matching Requirements
Statutory formulas are not applicable to this program.
Matching requirements are not applicable to this program.
MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
Program has been extended to May 4, 2015. Method of awarding/releasing assistance: lump sum.
Post Assistance Requirements
No Data Available.
(Direct Loans) FY 12 Not Seperately Identifiable(Exp: Reported under 14.142); FY 13 Not Seperately Identifiable(Exp: Reported under 14.142); and FY 14 Not Seperately Identifiable(Exp: Reported under 14.142) - Reported under 14.142 - HUD obligated $24,750,000 to participating grantees.
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines, and Literature
Regional or Local Office
Patricia A. McBarron 451 7th Street, SW
, washington, District of Columbia 20410 Email: firstname.lastname@example.org Phone: 202-402-5389
Criteria for Selecting Proposals
REDF, a San Francisco-based nonprofit, will receive a $7 Million grant from the federal Social Innovation Fund program.