Dublin Core
Text Item Type Metadata
Text
Page 1
117 ~Code Enforcement
Grants may help‘pay for concentrated code enforcement administration,
etc. and for the provision and repair of necessary streets, sidewalks,
street lighting, etc.
Area must be built up, predominately residential and with code
violations in 20% of the buildings.
Grants and Loans may be made through LPA's or private non-profit
agencies as deSignated by the LPA,
Page 2
115 - Rehabilitation Grants
Up to $3,000 to low-income owner occupants,
For repair and improvement of owner-occupied homes to bring them
up to housing code standards.
May not exceed actual cost of repairs and improvements if home owners
income is $3,000 or less or
~ If annual income is over $3,000, and cost of repairs and improvements
cannot be financed under 312 that can be amortized so that entire housing
expense does not exceed 25% of his income.
115 grants and 312 loans may be handled through local Urban Renewal
agencies or thru a private non-profit group designated as @n agency.
(p. 24; also see p. 49, Urban Coalition Summary.)
Only available in Urban Renewal, Code Enforcement, Neighborhood
Development Program, Certified and Fair Act areas.
312 - Direct Rehabilitation Loans
3% direct loans,
Applicable to low and moderate income eghete of residential
and business property:
In U.R., Code Enforcement, NDP and Certified areas.
May be used also to bring structures up to Code or Urban Renewal
_requirements,.
115 grants and 312 loans may be handled through local Urban
Renewal Agencies or through a private non-profit group designated
as an seeney (p. 24 Urban Coalition Summary).
Only available in approved Urban Renewal, Code Enforcement,
Neighborhood Development Program, Certified and Fair Act areas,
Workable Program is required.
Page 4
235 - Home Ownership and Cooperative Housing Program
Assists in construction and rehabilitation of sales or
cooperative housing (single or multi-family).
Assistance similar to 236,
Can lower interest rate to buyer as Low as 1%.
Open to private developers who are not limited profit sponsors
(unlike 236, RS, 221 d (3), 221 (h)).
Mortgage nearly 100%.
$200 down payment (may be used against closing cost).
Buyer must pay 20% of his income,
Upper income brackets same as 236.
(Generly will benefit people of higher income than 236, because
higher credit rating required of purchasers than renters.)
May insure risky 236 projects?
No Workable Program required.
Page 5
. 236 - Rental and Cooperative Housing Program
Similar in purpose to 221 d (3) and may supplant it.
Rental or eoorerative;stimited profit and non-profit,
Sponsor may get FHA insured mortgage financing as low as 1%
interest, but not below 1%.
40 year mortgage.
Tenants required to pay 25% of family income,
Upper limits of elligible tenants not as high as 221 d (3)
(Lower income families given preferance).
Assistance is much less than principal and interest cost of
Public Housing.
In between Public Housing and 221 d (3).
“Rental payments adjusted periodically (Tenants may continue
to live in project, paying full rent).
Tenants may purchase andes under Section 235,
No.Workable Program required.
No local approval required,
237 - Home Ownership for Previously Bad Risks
Page 6
Page 7
207 - Low-income Housing Demonstration Program
Prohibits high-rise elevator projects for families with
children,
Grants and Loans to public or private non-profit organizations
to develop and demonstrate new or improved means of providing
housing for low-income families.
Page 8
Neighborhood Development Program
Planned and carried out on basis of yearly increments.
~May cover activities in several contiguous or non-contiguous
areas,
May reserve funds estimated to be needed for succeeding
year.
Broad. plan specifying major land uses density and public
facilities proposed,
Rehabilitation activites could proceed along with public
improvements, with detailed planning and scheduling of subsequent
activites proceeding simultaneously with actual development in
the area.
Workable Program is required,
Page 9
Low Rent Public Housing
Atlanta 3,200-5,200
Programs :
1.
2.
3.
4.
5.
6.
May buy existing housing.
May buy new housing (Turnkey).
May lease new or existing housing.
May combine with Private Developer
Non-profit, Cooperative, limited profit or profit.
May sell Public Housing units to tenants in Public
Housing Projects, purchased for lease or leased units?
May build Public Housing projects.
Workable Program required except lease program (Leasing
Program requires approval of local governing body of the community.)
Page 10
Rent Supplement
May rent new or rehabilitated units.
40 year supplement to Sponsor (FHA commitment),
Built under 221 d (3) - Market interest rate.
Small Portion Below Market interest rate
Small portion for 202 Elderly
Rent Supplement is difference between actual rent and 25% of
~-~-tenants income,
Cannot be more than 70% of actual rent.
Can remain, if pays rent (25% of income.) <¢
Workable Program is required, or local official approval
by community in which project is located.
Page 11
221 d (3) - Below Market Interest Rate Rental and
Cooperative Housing
Construction and rehabilitation of moderate income housing.
Rental or cooperative.
Limited Profit - Developer permitted to earn 6% return on
equity. May increase to 12% after taxes,
Non-Profit - Builder - Seller. Private developer may
__.build_and sell to non-profits or cooperatives,
40 year mortgage.
3% interest.
“Assistance amounts to about 4%.
Upper limits tied by formula to Public Housing limits.
Generally first rental limited to $5,000 - small families
$9,500 - large families
Can be sold to elligible tenants under Section 235,
Page 12
221 (h) and 235 (j) - Rehabilitation for Sales Program
3% interest (financed same way as 221 d (3) non-profit)..
235 (j) converts 221 (h) to new assistance method.
Interest may be as low as 1%.
Main difference is income limits and method of financing. ~
Mortgage assistance is difference between 20% of home ownership's
-—_income and mortgage. payments (including principal, interest, taxes
and insurance), but not below 1% interest,
Under 235 (j) existing houses not needing rehabilitation may
~~ be purchased by the non-profit and resold,
Must be viable neighborhoods (both programs).
No Workable Program required.
Page 13
202 - Senior Citizens Housing Program
3% interest.
100% loans.
50 year terms.
Individuals or heads of households 62 years or over are elligible.
For people whose incomes are too high for Public Housing ana too
low for private housing market.
Nonprofits or cooperatives may sponsor.
Constructed or rehabilitated.
Some Rent Supplement available.
Page 14
204 - Grants to Housing Authorities to Improve Services to Tenants
Other Page 15
Seed Money Loans
Provides for 80% interest free loans to nonprofits and
cooperatives for seed money
Normally repaid when project is permanently financed.
Remainder may be cancelled,
National Homeowners Foundation:
May make grants and loans to public end private organizations,
--National. Housing -Partnerships
Partnership may provide up to 25% of the initial equity
investment.
Objective.
Opens up the possibility of locally organized broadly based
profit motivated development groups receiving technical assistance
and financial investment from this source,
Model Cites
Workable Program not required,
Urban Renewal
Demolition Grants
Historic Presesx¥ation
New Communities