Funding Programs: HUD Performance Funding System (operating subsidy for PHA) Private foundation operating grants
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1 Funding Programs by Funding Tools Federal Funding Programs 1. Owner or participant investment - An investment of funds from agency operation or fees paid by a participant to offset the cost of providing a program or service. Owner or participant investment demonstrates a personal commitment. HUD Performance Funding System (operating subsidy for PHA) Private foundation operating grants 2. Grants - A direct cash contribution or a "gift" or sale at a reduced cost of land, buildings or supplies. Grants reduce the up-front costs and result in instant equity. DOE Weatherization Assistance Program DOT Bank Enterprise Award (BEA) Program DOT Financial Assistance DOT Native American CDFI Development DOT Technical Assistance FMF Grants FHLBank Affordable Housing Program FHLBank Rural First-time Homebuyers Program FHLBank Targeted Ownership Program FEMA Individual Assistance Programs FEMA Public Assistance Program HUD Assisted Living Conversion Program HUD Brownfields Economic Development Initiative HUD Community Development Block Grants, Small Cities (CDBG) HUD CDBG Disaster Recovery Grants HUD Comprehensive Improvement Assistance Program HUD Congregate Housing Services Program HUD Dollar Homes to Local Governments HUD Emergency Shelter Grant HUD HOPE VI HUD Housing Counseling Assistance Program HUD Housing Opportunities for Persons with Aids (HOPWA) HUD Indian Community Development Block Grant Program HUD Indian Housing Block Grant HUD Multifamily Housing Service Coordinators HUD Officer Next Door HUD Resident Opportunity and Self Sufficiency (ROSS) Program HUD Section 202 Supportive Housing for the Elderly Program HUD Section 811 Supportive Housing for Persons with Disabilities FHLBank Topeka Appendix 6.2 1
2 HUD Self-help Homeownership Opportunity Program (SHOP) HUD Supportive Housing Programs HUD Teacher Next Door HUD Youthbuild USDA Section 504 Housing Repair and Rehabilitation Grants USDA Section 516 Farm Labor Housing Grants USDA Section 523 Self-help Technical Assistance Grants USDA Section 533 Housing Preservation Grant USDA Community Facilities Grant Program VA Homeless Providers Grant and Per Diem Program VA Acquired Property Sales for Homeless Providers VA Excess Property for Homeless Veterans Initiative Private foundation grants 3. Direct Loans - Loans made directly to individuals or organizations by funding sources to assist with homeownership, rehabilitation or new construction. FEMA Individual Assistance Programs FHLBank Affordable Housing Program HAC Intermediary Relending Program Loan Fund HAC Rural Development Loan Fund HAC Rural Housing Loan Fund HUD/FHA Home Equity Conversion Mortgage HUD Energy Efficient Mortgages MH Mercy Loan Fund USDA Section 502 Direct Rural Housing Loans USDA Section 504 Rural Housing Repair and Rehab Loans USDA Section 514 Farm Labor Housing Loans USDA Section 515 Rural Rental Housing Loans USDA Section 523 Rural Housing Site Loans for Self-help Housing USDA Section 524 Rural Housing Site Loans for LMI Housing USDA Community Facilities Direct Loan Program 4. Nonconventional Underwriting Lender makes concessions from policies and practices to assist buyers or developers of affordable housing. USDA Section 502 Direct Rural Housing Loans USDA Section 504 Rural Housing Repair and Rehab Loans USDA Section 514 Farm Labor Housing Loans USDA Section 515 Rural Rental Housing Loans FHLBank Topeka Appendix 6.2 2
3 USDA Section 523 Rural Housing Site Loans for Self-help Housing USDA Section 524 Rural Housing Site Loans for LMI Housing USDA Community Facilities Direct Loan Program 5. Interest Subsidies - A direct cash grant to a lender to write-down the bank's interest rate on a housing loan; a government sponsored, low-interest loan subordinated to a participating lender or a lower than market-rate loan to a qualified borrower as a result of an advance or pass-through provision from a public entity. Interest rate subsidies reduce or stabilize the cost of borrowing. FHLBank Affordable Housing Program FHLBank Community Housing Program FHLBank Community Housing PLUS Program FHLBank Community Development Program HUD Community Development Block Grant (CDBG) USDA Section 502 Direct Rural Housing Loan USDA Section 504 Rural Housing Repair and Rehabilitation Loans USDA Section 514 Farm Labor Housing Loans USDA Section 515 Rural Rental Housing Loans USDA Section 523 Rural Housing Site Loans for Self-help Housing USDA Section 524 Rural Housing Site Loans for LMI Housing USDA Community Facilities Direct Loan Program 6. Loan Guarantees and Mortgage Insurance - Government entities secure a lender's loan by guaranteeing a portion of the debt against default, subject to the originator properly underwriting and securing the loan. Loan guarantees and mortgage insurance reduce the risk of default to lenders. HUD/FHA Home Equity Conversion Mortgage HUD/FHA Section 203(b) Mortgage Insurance for One- to Four-family Homes HUD/FHA Section 203(h) Mortgage Insurance for Disaster Victims HUD/FHA Section 203(k) Purchase/Rehab Program HUD/FHA Section 203(n) Single-family Cooperative Mortgage Insurance HUD/FHA Section 207(m) Mortgage Insurance for Manufactured Home Parks HUD/FHA Section 221(d)(3) and (4) Mortgage Insurance for Rental/Cooperative Housing HUD/FHA Section 223(f) Mortgage Insurance for Purchase or Refinancing of Existing Multifamily Rental Housing HUD/FHA Section 232/223(f) Mortgage Insurance for Nursing Homes/Assisted Living HUD/FHA Section 234(c) Mortgage Insurance for Condominium Units HUD/FHA Section 234(d) Mortgage Insurance for the Construction or Substantial Rehabilitation of Condominium Project HUD/FHA Section 241(a) Supplemental Loans for Multifamily Projects FHLBank Topeka Appendix 6.2 3
4 HUD/FHA Section 245 Graduated Payment Mortgage Insurance HUD/FHA Section 251 Insurance for Adjustable Rate Mortgages HUD/FHA Title I Manufactured Home and Lot Combination Loan Insurance HUD/FHA Title I Property Improvement Loan Insurance HUD Indian Home Loan Guarantee Program (Section 184) HUD Title VI Tribal Housing Activities Loan Guarantee Program HUD Energy Efficient Mortgage Program USDA Rural Development Section 502 Guarantee Rural Housing Loans USDA Rural Development 538 Rural Rental Housing Guaranteed Loan USDA Community Facilities Guaranteed Loan Program VA Guaranteed Home Loan Program VA Loan Guarantee Program for Homeless Veterans Multifamily Housing 7. Maturity-linked Funding - Allows a lender to tie a source and use of funds together so the lender can make longer term, fixed-rate loans and fund them with deposits of a similar maturity. FHLBank Community Housing Program FHLBank Community Housing Plus Program FHLBank Community Development Program FHLBank Short-term Fixed Rate Advance FHLBank Regular Fixed Rate Advance FHLBank Callable Advances FHLBank Amortizing Fixed Rate Advances FHLBank Adjustable Rate Advances FHLBank Convertible Advances 8. Housing Vouchers - Payments are provided to owners of private housing or to lenders on behalf of qualified low-income tenants to subsidize the rent or mortgage payment the tenant can afford. Subsidy vouchers allow low-income tenants to access quality, affordable housing. HUD Section 8 Conversion Vouchers HUD Section 8 Family Unification Vouchers HUD Section 8 Homeownership Vouchers HUD Section 8 Project-based Vouchers HUD Section 8 Tenant-based Vouchers HUD Section 8 Vouchers for Persons with Disabilities HUD Section 202 Supportive Housing for the Elderly Program HUD Section 811 Supportive Housing for Persons with Disability HUD Shelter Plus Care HUD Single Room Occupancy USDA Section 515 Rural Rental Housing VA Homeless Providers Grant and Per Diem Program FHLBank Topeka Appendix 6.2 4
5 9. Mortgage Purchase Programs/Secondary Mortgage Market - Government-sponsored organizations purchase mortgage loans from primary lenders to help replenish the supply of mortgage funds available to primary lenders. Programs offered by Fannie Mae, Freddie Mac and Ginnie Mae FHLBank Mortgage Partnership Finance (MPF) Program Private investors such as Countrywide 10. Subordinate Mortgage - A direct loan from government or another source that is in a second or third (subordinate) collateral position to the primary commercial lender. Subordinate mortgages supplement and reduce the primary lender's exposure and risk of financing a project, improve the collateral position of the primary lender, and possibly lower the cost of financing to the borrower by blending interest rates. FHLBank Rural First-time Homebuyers Program FHLBank Targeted Ownership Program Fannie Mae's Subsidized Second Mortgage HUD Community Development Block Grant Program (CDBG) 11. Tax Rebates and Abatements - Public agency waives or rebates taxes or fees for a specified period of time; agency uses incremental increase in taxes or fees to finance upfront costs of housing development. Fee waivers, tax abatements/rebates and tax increment financing promote new construction or rehabilitation of blighted areas. Authorizing Legislation: 12. Tax Credits - Credit is available on federal income tax for equity investors and/or owners of housing projects for low-income residents or historic preservation. Tax credits provide equity in the housing project. HPS Historic Preservation Tax Credit IRS Low-income Housing Tax Credit Program IRS Non-historic Tax Credits DOT New Markets Tax Credit Program 13. Sweat Equity/Donated Labor - A contribution to the construction or rehabilitation of a property in the form of direct labor performed by a property owner that contributes to the value of the improvements to a project or the donation of time to assist with FHLBank Topeka Appendix 6.2 5
6 the administration of a program or service. The labor spent on the task has value and reduces the out-of-pocket cash needed to complete a project or provide a program or service. HUD Self-help Homeownership Opportunity Program (SHOP) USDA Section 523 Self-help Technical Assistance Grants USDA Section 523 Rural Housing Site Loans for Self-help Housing 14. Technical Assistance - Provision of practical knowledge, advice and guidance to enhance capability, expertise and skill-level. Programs: HUD Neighborhood Networks FHLBank Rural Technical Assistance Program TA Providers: Federal Emergency Management Agency FHLBank Topeka Heritage Preservation Services Housing Assistance Council Internal Revenue Services Mercy Housing USDA Rural Development U.S. Department of Energy U.S. Department of Housing and Urban Development U.S. Department of Veterans Affairs FHLBank Topeka Appendix 6.2 6
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