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reduction payments on a monthly basis to lenders on behalf of the lower income families. (HUD insures lenders against losses on mortgage loans. These loans may be used to finance the purchase of a new or substantially rehabilitated single-family dwelling or condominium unit approved prior to beginning of construction or beginning of substantial rehabilitation.)

Types of Assistance: Direct Payments for Specified Use; Guaranteed/Insured Loans.

Mortgage Insurance—Homes for Low and Moderate Income Families (14.120)

Housing, Department of Housing and Urban Development.

Objectives: To make homeownership more readily available to families displaced by urban renewal or other government actions as well as other low-income families. (HUD insures lenders against loss on mortgage loans. These loans may be used to finance the purchase of proposed or existing low-cost, one- to four-family housing or the rehabilitation of such housing.)

Types of Assistance: Guaranteed/ Insured Loans.

Low Income Housing—Homeownership Opportunities for Low Income Families (14.147)

Housing, Department of Housing and Urban Development.

Objectives: To provide, through local Public Housing Agencies (PHA's), including Indian Housing Authorities, low-income families with the opportunity for owning their own homes.

Types of Assistance: Direct Payments for Specified Use; Direct Loans.

Housing: Home Improvements and Rental and Cooperative Units

Very-Low Income Housing Repair Loans and Grants (10.417)

Farmers Home Administration, Department of Agriculture.

Objectives: To give very low-income rural homeowners an opportunity to make essential repairs to their homes to make them safe and to remove health hazards to the family or the community.

Types of Assistance: Direct Loans; Project Grants.

Interest Reduction Payments—Rental and Cooperative Housing for Lower Income Families (14.103)

Housing, Department of Housing and Urban Development.

Objectives: To provide good quality rental and cooperative housing for persons of low- and moderate-income by providing interest reduction payments in order to lower their housing costs. (HUD insures lenders against losses on mortgage loans. Insured mortgages may be used to finance the construction or rehabilitation of rental or cooperative detached, semidetached, row, walk-up, or elevator-type structures.)

Types of Assistance: Direct Payments for Specified Use; Guaranteed/Insured Loans.

Mortgage Insurance—Rental Housing for Moderate Income Families (14.135)

Housing, Department of Housing and Urban Development.

Objectives: To provide good quality rental housing within the price range of low and moderate income families. (HUD insures lenders against loss on mortgages. Insured mortgages nay be used to finance construction or rehabilitation of detached, semidetached, row, walk-up, or elevator-type rental housing containing 5 or more units.)

Types of Assistance: Guaranteed/ Insured Loans.

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