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

U.S. Government Accountability Office

Mortgage Insurance for Purchase or Refinancing of Existing Multifamily Rental Housing (Sections 207/223(f))

Administering Agency/Entity Department of Housing and Urban Development
Short Description Provides mortgage insurance to facilitate the purchase or refinancing of existing multifamily rental housing. These projects may have been financed originally with conventional or Federal Housing Administration-insured mortgages. The property must contain at least five residential units with complete kitchens and baths and have been completed or substantially rehabilitated at least 3 years prior to the date of the application for mortgage insurance.
Primary Purpose Assistance for financing rental housing
Type of Housing Supported Rental Housing
Type of Assistance Insured loan
Fiscal Year 2010 Obligations -$261,000,000; obligations represent the expected credit subsidy costs for loan commitments under this program 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.

(Return to main page)

(Return to program listing)