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

U.S. Government Accountability Office

Mortgage Insurance for Rental Housing for the Elderly (Section 231)

Administering Agency/Entity Department of Housing and Urban Development
Short Description Provides insurance for mortgage loans to facilitate the construction or substantial rehabilitation of multifamily rental housing for the elderly and disabled.
Primary Purpose Assistance for financing rental housing
Type of Housing Supported Rental Housing
Type of Assistance Insured loan
Fiscal Year 2010 Obligations Included in expected credit subsidy costs for Mortgage and Major Home Improvement Loan Insurance for Urban Renewal Areas (Section 220). The expected credit subsidy costs for all loan commitments under Section 220 made in fiscal year 2010 were $-18,000,000. 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 40 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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