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Reaching the Dream - HUD Programs

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[Photo of ad from HUD's 5 steps to becoming a HUD-approved Housing Counseling Agency]

The aim of the HUD Center for Faith-Based and Neighborhood Partnerships (CFBNP) is to engage faith-based and other community-based organizations in HUD's mission of providing a decent, safe, and sanitary home and suitable living environment for every American. CFBCI is committed to helping fulfill President Bush's vision of mobilizing the armies of compassion to strengthen America's communities. To this end, CFBCI wants faith-based and community organizations (FBCOs) across the country to have access to its various funding programs. Following is an overview of HUD's homeownership and home-buying programs available to FBCOs and their constituents, either directly or through State and/or local governments. For more information on these programs, visit www.hud.gov/funds/index.cfm.

Single Family Housing

A multitude of single-family housing programs are available through HUD. Below is a brief overview of several loan programs:

  • Mortgage Insurance for One- to Four-Family Homes, Section 203(b)-Through this program, HUD's Federal Housing Administration (FHA) insures mortgages made by qualified lenders to people purchasing or refinancing a home of their own. This program provides mortgage insurance to protect lenders against the risk of default on loans to qualified buyers. Eligible grantees include FHA-approved lending institutions, such as banks, mortgage companies, and savings and loan associations. Eligible customers include anyone intending to use the mortgaged property as their primary residence.
  • Mortgage Insurance for Low/Mod-Income Buyers, Section 221(d)(2)-This program insures mortgage loans made by private lenders to finance the purchase, construction, or rehabilitation of low-cost, one- to four-family housing. All households applying for mortgage loans below the allowable maximum amount are eligible for the program.
  • Mortgage Insurance for Older, Declining Areas, Section 223(e)-Section 223(e) provides mortgage insurance to enable people to purchase or rehabilitate housing in older, declining urban areas. Section 223(e) can be used only to supplement other HUD mortgage insurance programs. HUD-approved lenders, such as banks, mortgage companies, and savings and loan associations, can make insured loans for single-family mortgages under other FHA programs, which HUD processors may then elect to insure under Section 223(e). Individuals and families whose property is located in an older, declining urban area are eligible to apply.
  • Rehabilitation Mortgage Insurance, Section 203(k)-Section 203(k) insurance enables home buyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage-or to finance the rehabilitation of their existing home. FHA-approved lending institutions, which include many banks, savings and loan associations, and mortgage companies, can make loans covered by Section 203(k) insurance. All persons who can make the monthly mortgage payments are eligible to apply.
  • Single-Family Cooperative Mortgage Insurance, Section 203(n)-The Section 203(n) program insures loans for persons buying a unit in a cooperative housing project. The loan is made by a lending institution, such as a mortgage company, bank, or savings and loan association, and is insured by HUD's FHA. FHA-approved lending institutions can make insured loans under Section 203(n) through HUD Field Offices.
  • Manufactured Home Loan Insurance (Title I)-This program insures mortgage loans made by private lending institutions to finance the purchase of a new or used manufactured home. Private lending institutions are eligible for insurance on loans made under the program. All buyers who plan to use the manufactured home as their principal place of residence are eligible for the program.
  • Manufactured Home Lot and Combination Loan Insurance-This program insures mortgage loans made by private lenders to buyers of manufactured homes and the lots on which to place them. Private lending institutions are eligible for insurance on loans made under the program. All buyers of manufactured homes who plan to use the homes as their principal residence are eligible for the program.

Public Housing

The public housing program comprises several categories, including development/redevelopment, homeownership, and Section 8 assistance.

Development/Redevelopment

  • Public Housing Development-The Public Housing Development program provides Federal grants to local public housing authorities (PHAs) to develop housing for low-income families who cannot afford housing in the private market.
  • Major Reconstruction of Obsolete Projects (MROP)-MROP is part of HUD's development program for public housing, providing that up to 20 percent of development funds may be used for major reconstruction of obsolete public housing projects. The housing must benefit lower-income families composed of citizens or eligible immigrants.
  • Hope VI-Since 1993, HOPE VI has been the engine driving the revitalization of the nation's most distressed public housing developments by providing grants and unprecedented flexibility to address the housing and social service needs of their residents. Any public housing authority (PHA) that operates public housing units is eligible to apply for HOPE VI grants. HOPE VI programs benefit current public housing residents, residents of revitalized public housing units, and communities surrounding revitalized sites.

Homeownership

  • Homeownership and Opportunity for People Everywhere (Hope I)-HOPE I helps low-income people buy public housing units by providing funds that nonprofit organizations, resident groups, and other eligible grantees can use to develop and implement homeownership programs. Eligible HOPE applicants include public housing authorities, resident management corporations, resident councils, nonprofit organizations, housing cooperatives, and public entities.
  • Section 5(h) Homeownership-The Section 5(h) homeownership program offers PHAs a flexible way to sell public housing units to low-income families. Public housing agencies can apply for this program, and low-income families who are able to purchase their homes under this program are its primary beneficiaries.

Section 8 Assistance

  • Housing Choice Voucher Program-The housing choice voucher program is the Federal Government's major program for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. Eligibility for a housing voucher is determined by the PHA based on the total annual gross income and family size and is limited to U.S. citizens and specified categories of noncitizens who have eligible immigration status.
  • Section 8 Assistance for Public Housing Relocation/Replacement-Section 8 certificates or vouchers may be allocated to public housing tenants forced to move because of rehabilitation or demolition of their public housing unit.

Community Planning and Development

There are several categories within the community planning and development program, including community development, economic development, affordable housing, and technical assistance.

Community Development-CDBG

  • Community Development Block Grants to Entitlement Communities-This program provides annual grants on a formula basis to entitled cities and counties to develop viable urban communities by providing decent housing and a suitable living environment, and by expanding economic opportunities, principally for low- and moderate-income persons. Central cities of Metropolitan Statistical Areas (MSAs), other metropolitan cities with populations of at least 50,000, and qualified urban counties with populations of at least 200,000 are entitled to receive annual grants.

Economic Development

  • Community Renewal for America's Renewal Communities (RCs), Urban Empowerment Zones (EZs), and Enterprise Communities (ECs)-HUD reenergized this initiative in December 2001 by designating 40 urban and rural RCs and 8 new urban EZs. These new designees are able to use a remarkable $22 billion tax-incentive package to open new businesses, provide thousands of new jobs, rehab and build new housing, and change lives in urban and rural areas throughout the nation.

Affordable Housing

  • Self-Help Homeownership Opportunity Program (SHOP)-SHOP provides funds for eligible nonprofit organizations to purchase home sites and develop or improve the infrastructure needed to set the stage for sweat equity and volunteer-based homeownership programs for low-income persons and families.
  • Homeownership Zones (HOZs)-The Homeownership Zone Initiative allows communities to reclaim vacant and blighted properties, increase homeownership, and promote economic revitalization by creating entire neighborhoods of new single-family homes called Homeownership Zones.

Technical Assistance

  • Capacity Building for Community Development and Affordable Housing (National Community Development Initiative)-The Community Planning and Development technical assistance program demonstrates HUD's commitment to providing front-end assistance to help grassroots organizations-our partners-successfully access and utilize HUD's programs and resources.

 

 
Content current as of 25 February 2004   Follow this link to go  Back to top   
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