HUD Expands Section 220 Program to All Opportunity Zones

Phil Hall

Aug 09, 2019

Housing and Urban Development (HUD) Secretary Ben Carson has announced the Federal Housing Administration (FHA) will insure mortgages on mixed-use developments under the agency’s Section 220 Program in the lower income communities participating in the Opportunity Zones program.

FHA’s Section 220 Program insures lenders against loss on mortgage default and has been used for urban rental housing in areas targeted for overall revitalization. Carson’s announcement expands eligibility of mortgages insured under this program to all 8,764 Opportunity Zone localities, including those in rural areas.

“By expanding this program’s reach, we hope to significantly boost private investment in Opportunity Zones and generate growth in development in neighborhoods that need it most,” said Carson. “With expanded mixed-used development in Opportunity Zones comes economic revitalization and job growth which is just what the doctor ordered for residents living in these communities.”

Link copied

Published

Aug 09, 2019

Analysis and Data

New Home Sales Dip In August

Builders offer increased incentives to attract buyers; First-time homeowners gravitate toward new builds as inventory constraints persist.

The U.S. Census Bureau and the Department of Housing and Urban Development (HUD) jointly report that sales of new single-family homes in August 2023 experienced a decline. The sales reached a seasonally adjusted annual rate of 675,000, marking an 8.7% drop from the revised J...

Analysis and Data

Home Prices Reach New Highs In July 2023

Chicago, Cleveland, and New York drive robust growth; S&P CoreLogic Case-Shiller Indices and the FHFA report a consistent positive trajectory despite regional disparities.

U.S. home prices have showcased an upswing in July 2023, according to both the S&P CoreLogic Case-Shiller Indices and the Federal Housing Finance Agency.  According to the S&P CoreLogic Case-Shiller Indices, 19 out of the 20 significant metro markets reported a...