Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities
U.S. Government Accountability Office
Property Improvement Loan Insurance (Title I)
| Administering Agency/Entity |
Department of Housing and Urban Development |
| Short Description |
Provides mortgage insurance to protect lenders against the risk of default on mortgages to qualified buyers to finance improvements to homes and other existing structures and the building of new nonresidential structures. Mortgage insurance is available through FHA-approved lenders to any person who is able to make loan payments and has at least a 50 percent ownership in the property to be improved. The maximum loan amount is $25,000 for improving a single family home or for improving or building a nonresidential structure. For improving a multifamily structure, the maximum loan amount is $12,000 per family unit, not to exceed a total of $60,000 for the structure. FHA-approved lenders are insured against losses of up to 90 percent on any single loan. |
| Primary Purpose |
Assistance for buying, selling, or financing a home |
| Type of Housing Supported |
Both |
| Type of Assistance |
Insured loan |
| Fiscal Year 2010 Obligations |
Expected credit subsidy costs for for loan commitments under this program made in fiscal year 2010 are less than $500,000. These estimates are revised in subsequent years and the ultimate cost will not be known until the loans have matured. This loan program is part of the General Insurance and Special Risk Insurance Fund, which houses a wide range of mortgage insurance products, including insurance for loans to develop, rehabilitate, and refinance multifamily rental housing, nursing home facilities, and hospitals. The General Insurance and Special Risk Insurance Fund programs also include loan guarantees for Title I Manufactured Homes Loan Insurance. |
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