HUD Expands Section 220 Program to All Opportunity Zones

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.”

About the author

Phil Hall

Link copied

Published

Aug 09, 2019

Analysis and Data

Homes With Negative Equity Jump In Third Quarter

“I am surprised to have seen some of the increases in home prices," CoreLogic's chief economist says.

With home prices projected to enter a period of deceleration over the course of 2025 and 2026, a new report shows that the share of negative equity rose in the U.S. from the second quarter to the third quarter — the first quarterly rise since the fourth quarter of 2022. W...

People On The Move

Jason Lee New President Of The Loan Store

The former Flagstar Executive to steer The Loan Store through next phase of "aggressive growth"

The Loan Store, a leading wholesale mortgage lender, has tapped industry veteran Jason Lee to be its new president. With a career spanning more than two decades in the mortgage and banking industries, Lee is expected to bring expertise in capital markets, leadership, and ...