Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities
U.S. Government Accountability Office
Mortgage Insurance for Cooperative Housing (Section 213)
Administering Agency/Entity | Department of Housing and Urban Development |
Short Description | Provides insurance for mortgages to finance the construction, rehabilitation, acquisition, or improvement of cooperative housing projects with five or more units. A cooperative is a housing project owned by a nonprofit cooperative corporation or nonprofit trust; residents own membership stocks that give them the right to live in a unit. |
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. |