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4561 1 chapter 8 construction cost processing sect - HUD

4561 1 chapter 8 construction cost processing sect - HUD-2025

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The document outlines the construction cost processing procedures for lenders, detailing the responsibilities of the chief cost analyst and the necessary steps for estimating and certifying construction costs. It emphasizes the importance of accurate cost estimates for mortgage amounts, insurance, and project approvals. The document also specifies requirements for subcontractor approvals, identity-of-interest considerations, and guidelines for cost certification to ensure reasonable and allowable expenses in construction projects.

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What does HUD mean in construction?

The Department of Housing and Urban Development (HUD) is responsible for national policy and programs that address Americas housing needs, that improve and develop the Nations communities, and enforce fair housing laws.

What is a HUD construction project?

HUD provides docHub amounts of funding to Public and Indian Housing Agencies for construction work (both new and renovation) and for management improvement activities. Much of this work is performed by private contractors.

What is the main goal of HUD?

HUDs mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.

What does HUD mean?

Created as part of President Lyndon B. Johnsons War on Poverty, the Department of Housing and Urban Development (HUD) was established as a Cabinet Department by the Department of Housing and Urban Development Act (42 U.S.C. 3532-3537), effective November 9, 1965.

What does it mean if a home is a HUD?

A HUD home is a 1- to 4-unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

What is HUD cost allocation?

Cost allocation is the measurement of allowable costs that are then allocated based on benefits received by each program/agency. The cost principles provide the guidance for determining a Federal programs share of both direct and indirect costs. They have no authority over the actual payment of the costs.

4561 1 chapter 8 construction cost processing sect - HUD-2025

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