Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities

U.S. Government Accountability Office

Administering Agency/Entity	Department of Housing and Urban Development
Short Description	Disposes of properties acquired by the Federal Housing Administration through foreclosure of an insured mortgage through sale at less than fair market value to states and nonprofits. Residents of the property must be low-income and make a substantial contribution of labor toward the construction, rehabilitation, or refurbishment of the property. State and local public agencies and nonprofits may apply for the purchase of surplus properties.
Primary Purpose	Assistance for buying, selling, or financing a home
Type of Housing Supported	Homeownership
Type of Assistance	Property disposition
Fiscal Year 2010 Obligations	Costs/savings associated with property disposition are among the items factored into subsidy rates and are included in expected credit subsidy costs under Mutual Mortgage Insurance Fund.