The Numbers Game: A Guide to Government Financing Programs.

Section 8 Rent Subsidy for Low-Income Families Section 8 is the primary federal rent subsidy program for low- and very low-income families. The subsidy makes up the difference between the rent affordable to the low-income household and the approved rent for an adequate housing unit. The subsidies are administered by state and local public housing authorities working within the area offices of HUD.

Section 108 Community Block Grants This program allows metropolitan cites and urban counties that receive federal Community Development Block Grants under the entitlement program to also pledge funds to guarantee loans. The loans may be for acquisition of real property, for rehabilitation of publicly owned property, for housing rehabilitation, or economic development activities as eligible under the program.

Section 201 Flexible Subsidy This program provides federal aid for "troubled" multifamily properties and fund for capital improvements for subsidized properties.

Section 202 Supportive Housing for the Elderly Designed to encourage the development of needed rental housing for the elderly, Section 202 provides assistance to owners who provide specific services for their residents.

Section 213 Cooperative Housing Mortgages made by private lending institutions are insured by HUD under this program. Properties must have at least five dwelling units that are occupied by co-op members.

Section 220 Mortgage and Major Home Improvement Loan Insurance These federally insured loans are used to finance housing in identified urban renewal areas. Eligible applicants include investors, builders, developers, and individual owners.

Section 221(D)(3) and (4) Multifamily Rental Housing for Moderate-Income Families This program provides insurance to finance rental or cooperative multifamily housing. Eligible properties provide housing for moderate-income families and the elderly; Single Room Occupancy (SRO) properties also qualify. Under Section 221 (3) HUD may insure up to 100 percent of the property's replacement cost; Section 221(D)(4) insures properties up to 90 percent. Both sections may be used by non-profit organizations, public agencies, cooperatives, private builders, or limited-dividend companies.

Section 223(F) Existing Multifamily Rental Housing This program provides mortgage insurance for the purchase or refinancing of existing multifamily properties, refinancing of cooperative properties, and converting rental housing to cooperative housing.

Section 241 Supplemental Loans for Multifamily Projects This federal loan insurance finances improvements, equipment, and additions to multifamily rental housing properties, and provides owners with an adequate return on investment and the ability to finance an acquisition of low-income housing. Eligible properties are those that already have HUD-insured or HUD-held mortgages.

Section 811 Supportive Housing for Persons with Disabilities Designed to provide more housing for renters with disabilities, this program provides capital advances to eligible nonprofit owners to finance development of rental housing for disabled residents.

Emergency Low-Income Housing Preservation (Title II) This program was designed to preserve Section 221 (D)(3) and Section 236 properties whose low-income restrictions would otherwise expire after 20 years. It provides financial incentives to owners or potential purchasers of such properties, and enables an owner to file a Notice of Intent and a Plan of Action within one year of prepayment eligibility.