Details | Section 241 Mortgage Insurance for Supplemental Loans for Multifamily Projects


Funder

 

Federal Housing Administration

Implementer

 

Certified Federal Housing Administration Lender

Description

 

Section 241 is Federal mortgage loan insurance for financing improvements and additions to, and equipment for, multifamily rental housing and healthcare facilities. FHA insures loans made by lenders to pay for improvements or additions to apartment projects, nursing homes, hospitals, or group-practice facilities that already carry FHA-insured or FHA-held mortgages. Projects may also obtain FHA insuranceon loans to preserve, expand, or improve housing opportunities, to provide fire and safety equipment, or to finance energy conservation improvements to conventionally financedprojects. Major movable equipment for nursing homes, group practice facilities, or hospitals also may be covered by a mortgage under this program.

Funding guidance

 

Applications open

 

None

Applications close

 

None

Type

 

Secured Loan

Category

 

Financing

Territory

 

United States

Applicant type

 

Private Resident

Project

 

New Addition to an Existing Building  |  Rehabilitation of Existing Whole Building  |  Rehabilitation of Part of an Existing Building

Sector

 

Residential

Sub-sector

 

Multi Family

Sustainability

 

Electric Vehicle Charging Infrastructure  |  Energy Efficiency for Processes  |  Energy Efficiency in Buildings  |  Energy Management System  |  Energy Storage  |  Generation Systems  |  Water Use Reduction

Additional website

 

Small business

 

False

Disadvantaged communities

 

False

Cost sharing amount

 

None

Cost sharing percent

 

None

Cost sharing note

 

Minimum repayment years

 

None

Maximum repayment years

 

None

Interest rate comment

 

Incentive