FHA Senior Housing Loans - HUD Section 231 Mortgages
Section 231 insures mortgage loans by facilitating the rehabilitation and construction of senior housing properties. Section 231 may also be used to insure mortgage loans to facilitate the rehabilitation and construction of facilities who house people with disabilities.
Section 231 Purpose
Section 231 increases the funding of senior housing properties and multifamily properties that house people with disabilities.
Section 231 can finance senior housing properties with at least eight units. Nonprofit sponsors are allowed a maximum loan amount equal to 100 percent of the replacement cost of the building. For other sponsors, the maximum loan amount is 90 percent of the replacement cost of the building.
Eligible mortgagors include private profit developers and non-profit borrowers.
- Rental Housing - Section 207
- Manufactured Housing - Section 207
- Existing Multifamily Rental Housing - Sections 207/223(F)
- Cooperative Housing - Section 213
- Rental Housing for Urban Renewal and Concentrated Development Areas - Section 220
- Rental & Cooperative Housing - 221(d)(4)
- Senior Housing - Section 231
- Supplemental Multifamily Loans - Section 241
- Risk-Sharing Program - Qualified Participating Entities (QPE) - Section 542(b)
- Housing Finance Agency Risk-Sharing - Section 542(c)