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Interest Reduction Payments_Rental and Cooperative Housing for Lower Income Families

Interest Reduction Payments_Rental and Cooperative Housing for Lower Income Families
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ELIGIBILITY REQUIREMENTS
    · Functional Categories
        Home Improvement
Cooperatives, Rental
Multifamily
Construction Rehabilitation
    · Applicants
        Individual/Family
Specialized Group (Health Professional, Student, Veteran)
Profit Organization
Private Nonprofit Institution/Organization (Includes Institutions Of Higher Education, Hospitals)
    · Applicant Eligibility
        Eligible mortgagors included nonprofit, cooperative, builder-seller, investor-sponsor, and limited-distribution sponsors. Public bodies did not qualify as mortgagors under this program.
    · Beneficiaries
        Individual/Family
Handicapped (e.g. Deaf, Blind, Crippled)
Physically Afflicted (e.g. TB, Arthritis, Heart Disease)
Senior Citizen (60+)
Low Income
    · Beneficiary Eligibility
        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.
    · Credentials/Documentation
        Documentation regarding the characteristics of the property and qualifications of the mortgagor was submitted with the application. This program is excluded from coverage under OMB Circular No. A-87.

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Interest Reduction Payments_Rental and Cooperative Housing for Lower Income Families

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