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.

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