Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities
U.S. Government Accountability Office
Single Family Cooperative Housing Mortgage Insurance (Section 203(n))
Administering Agency/Entity | Department of Housing and Urban Development |
Short Description | Provides mortgage insurance to protect lenders approved by the Federal Housing Administration against the risk of default on mortgages that finance the purchase of an apartment in a residential cooperative, which can be a detached or semidetached building, a row house, or a multifamily building. Borrowers can finance 96.5 percent of the price of their cooperative ownership and the downpayment can be as low as 3.5 percent. |
Primary Purpose | Assistance for buying, selling, or financing a home |
Type of Housing Supported | Homeownership |
Type of Assistance | Insured loan |
Fiscal Year 2010 Obligations | Loans are insured under the Mutual Mortgage Insurance Fund. The expected credit subsidy costs for all loan commitments made in fiscal year 2010 under the Mutual Mortgage Insurance Fund were -$2,546,000,000. These estimates are revised in subsequent years and the ultimate cost will not be known until the loans have matured, which in some cases may be 30 years. |