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walkitoutI've been saying the government should provide the same kind of backstop for mortgages on multifamily that they provide on single family.
And they do.
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/mfh/progdesc/rentcoophsg221d3n4
Silly me. Program already exists. Further, at least some developers are using it. (3) is for non-profit and can cover 100%; (4) is for for-profit and can cover 90%. While the project nominally has to be for moderate income, elderly or disabled, there don't have to be income limits on tenants.
ETA:
http://www.redcapitalgroup.com/News/2011/CTP-110060.shtm
Geez. That is quite huge.
And they do.
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/mfh/progdesc/rentcoophsg221d3n4
Silly me. Program already exists. Further, at least some developers are using it. (3) is for non-profit and can cover 100%; (4) is for for-profit and can cover 90%. While the project nominally has to be for moderate income, elderly or disabled, there don't have to be income limits on tenants.
ETA:
http://www.redcapitalgroup.com/News/2011/CTP-110060.shtm
Geez. That is quite huge.