What are the experience requirements a Non Profit must meet to obtain HUD approval?
Non-profit agencies must meet strict housing development experience requirements. The nonprofit must have a minimum of two consecutive years, within the last five years, of housing development experience. Housing development experience is defined as acquisition, rehabilitation, and sale to low-to-moderate income persons. Hiring of experienced personnel does not relieve the nonprofit of the experience requirement. Organizations that do not meet this experience requirement may be able to obtain limited approval if they have at least one full year of housing development experience and one year of other related housing provider experience. To be considered, the organization’s “other related housing experience” must demonstrate that the organization has the financial and administrative capacity to purchase, rehabilitate and resell homes to low to moderate-income families. See Mortgagee Letter 2002-01 for more information on experience requirements.
Related Questions
- What if HUD does not consider my home to meet its requirements for Title I or Title II insured loans? Are there still financing options available to me?
- What if someone does not meet the educational requirements or years-of- experience requirements and wants to obtain a COF?
- What are the experience requirements a Non Profit must meet to obtain HUD approval?
