Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities
U.S. Government Accountability Office
Multifamily Operating Loss Loans (Section 223(d))
| Administering Agency/Entity |
Department of Housing and Urban Development |
| Short Description |
Provides insurance on loans to cover operating losses during the first, or any 2 years, after completion of multifamily projects with a HUD-insured first mortgage. This helps avoid claims on HUD-insured multifamily mortgages. |
| Primary Purpose |
Assistance for financing rental housing |
| Type of Housing Supported |
Rental Housing |
| Type of Assistance |
Insured loan |
| Fiscal Year 2010 Obligations |
Expected credit subsidy costs are less than $500,000 for loan commitments made in fiscal year 2010. 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. 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. |
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