Interest Reduction Payments Rental and Cooperative Housing for Lower Income Families

 

To provide good quality rental and cooperative housing for persons of low-and moderate-income by providing interest reduction payments in order to lower their housing costs.

Deleted 03/27/2024 (Archived.) 14.103 Office of Housing-Federal Housing Commissioner, Department of Housing and Urban Development C - Direct Payments For Specified Use; F - Guaranteed/Insured Loans Not applicable. National Housing Act, as amended, Section 236, Public Law 90-448, 12 U.S.C. 1715., Public Law 448-90-448, 12 U.S.C. 1715 Eligible mortgagors included nonprofit, cooperative, builder-seller, investor-sponsor, and limited-distribution sponsors. Public bodies did not qualify as mortgagors under this program. Families and individuals, including the elderly and handicapped or those displaced by government action or natural disaster, eligible to receive the benefits of the subsidies must at the time of admission fall within certain locally determined income limits. Families with higher incomes may occupy apartments, but may not benefit from subsidy payments. Documentation regarding the characteristics of the property and qualifications of the mortgagor was submitted with the application. Preapplication coordination is required. Environmental impact information is not required for this program. An environmental impact assessment is required for this listing. This program is excluded from coverage under E.O. 12372. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. No applications for new projects are being accepted. Sponsors submitted FHA Form No. 2013, application and other documentation for FHA Review of Proposed Development, to local HUD field office with multifamily processing or equivalent documentation to a State or local Housing Finance Agency approved by HUD for participation in the program. The local HUD office or State or local Housing Finance Agency reviewed the application to determine site appraisal and market analysis. Market need, correct zoning, environmental assessment and value of site fully improved were considered. The local office granted feasible proposals a tentative reservation of contract authority, and the sponsor was invited to apply for mortgage commitment, at which stage(s) further technical processing was completed. No new applications for project mortgage insurance are being accepted. Not applicable. Not applicable. Not applicable. Not applicable. Not applicable. Use was limited to Section 236 insured and non-insured mortgages financed by State or Local Housing Finance Agencies. Program is now inactive. No new projects are being approved. Projects with this subsidy are still active in the MF portfolio. Not applicable. The Department of Housing and Urban Development reserves the right to audit the accounts of either the mortgage or mortgagor in order to determine their compliance and conformance with FHA regulations and standards. Tenant certifications for assistance payments and annual recertification must be forwarded to the HUD Field or Area Office by the sponsor. Regular financial reports are also required. Mortgagees must service and maintain records in accordance with acceptable mortgagee practices and HUD regulations. Statutory Formula: Title 24 CFR Part 236

Matching requirements are not applicable to this assistance listing.

This program has MOE requirements, see funding agency for further details. Additional Information: The mortgage term normally extends for 40 years. Interest reduction payments may extend for the full term of the mortgage. For individual families, assistance ceases when their income rises to the point where they can afford the full market rent without the benefit of assistance. Monthly Contact the appropriate local HUD Office listed in the Catalog Address Appendix IV. Steven A. Marin
451 7th Street, SW
Washington, DC 20410 US
Stephen.A.Martin@hud.gov
Phone: ( 202 ) 402-2492 http://www.hud.gov/offices/hsg/mfh/progdesc/progdesc.cfm. 86-0334-0-1-604 (Guaranteed/Insured Loans) FY 16 est $0.00; FY 17 est $0.00; FY 14$0.00; FY 13$0.00; FY 15$0.00; - Salaries and Expenses (not separately identifiable) Not applicable/available. Fact Sheet: Rental and Co-op Housing for Lower Income Families. No charge; 24 CFR 236 et seq. Not applicable.