Government Grants, Loans: Interest Reduction Payments_Rental and Cooperative Housing for Lower Income Families (Matching, Phasing)

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Interest Reduction Payments_Rental and Cooperative Housing for Lower Income Families

ASSISTANCE CONSIDERATIONS
	· Length and Time Phasing of Assistance
		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.
	· Formula and Matching Requirements
		Assistance payments are made monthly by HUD to the mortgagee, and may bring the effective interest rate paid by the mortgagor down to as low as one percent. Benefits received in this way are passed on to those families qualifying for assistance in the form of reduced rents. Assisted families are required to pay for rent at least 30 percent of their adjusted income (income after certain allowable deductions), but not in excess of the fair market rent. This program has maintenance of effort (MOE) requirements; see funding agency for further details.

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