size to create a major impact on the distressed neighborhood; withstand the forces of deterioration that would surround the redeveloped neighborhood; and to obtain other advantages such as economies of scale in the building process, reduced cost of compliance with local regulations and reduced per-unit construction and other costs, such as legal, architectural, engineering and selling

costs. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: Recipient must be a private, nonprofit organiza

tion that (1) is not controlled by or under the direction of persons or firms seeking to derive profit or gain from the organization, (2) has a voluntary board, and (3) has a tax exempt ruling from the

Internal Revenue Service. Beneficiary Eligibility: Families assisted under this program must

have an income that does not exceed the higher of the national median family income or the median family income for the metropolitan statistical area involved. Also, any member of the family

must not have owned a home during the past three years. Credentials/Documentation: Documentation regarding the program

characteristics and applicant and beneficiary eligibility are required. This program is excluded from coverage under OMB Cir

cular No. A-87. APPLICATION AND AWARD PROCESS: Preapplication Coordination: None. This program is excluded from

coverage under OMB Circular No. A-102 and Executive Order

12372. Application Procedure: Following the Notice of Fund Availability

published in the Federal Register, applicants are required to submit applications in the form prescribed by HUD and within the time periods established by HUD. This program is excluded from

coverage under OMB Circular No. A-110. Award Procedure: Nonprofit organizations will be selected in a fund

ing competition using threshold and ranking criteria. The ranking criteria are: (1) the extent to which public or private entities will contribute the land necessary to make the program feasible; (2) the extent to which financial and other contributions will reduce the cost to families purchasing homes; (3) the degree to which each proposal will produce the maximum number of homes for the least amount of assistance; (4) the degree of physical and economic blight in the neighborhood; (5) the degree to which innovative construction methods reduce the cost of the dwelling below the average cost in the area; and (6) the extent to which the program involves local resident involvement. Through a competitive review and selection process, the Nehemiah Housing Opportunity Grants are awarded to eligible nonprofit organizations. The Office of Insured Single Family Housing will receive and review the applications and select eligible nonprofit organizations with the final selections made by the Assistant Secretary of Housing. All nonprofit corporations will be notified of the approval or disapproval of their applications. All approved nonprofit corporations will be required to sign a grant agreement stipulating the amount of the

grant and the distribution procedure. Deadlines: Applications for the final round of Nehemiah Grants were

due to HUD by July 26, 1991. Range of Approval/Disapproval Time: The time frame for notifying

applicants of approval or disapproval of their applications will be

from 60 to 90 days following HUD's receipt of the applications. Appeals: Not applicable.

Renewals: Not applicable. ASSISTANCE CONSIDERATIONS: Formula and Matching Requirements: The selection and ranking cri

teria are the only considerations for selection. Length and Time Phasing of Assistance: Will be determined by each

project POST ASSISTANCE REQUIREMENTS: Reports: The nonprofit organization is required to maintain account

ing and financial reports for the grant monies. In addition, the nonprofit organization must report on the characteristics of the

families assisted. Audits: This program is excluded from coverage under OMB Circu

lar Nos. A-128 and A-110.

Records: Not applicable.
FINANCIAL INFORMATION:

Account Identification: 86-4071-0-1-604.
Obligations: FY 92 $10,607,000; FY 93 est $28,770,000; and FY 94

est $0. Range and Average of Financial Assistance: Loans may not exceed

$15,000 per family. PROGRAM ACCOMPLISHMENTS: In fiscal year 1989, 15 grants

covering 1,321 units were approved for a total of $18,918,000; in fiscal year 1990, 21 grants covering 1,437 units were approved for a total of $21,270,310; in fiscal year 1991, 17 grants covering 1,353 units were approved for a total of $20,177,500. Activity in fiscal years 1992and 1993 represents obligation of previously reserved

grants. REGULATIONS, GUIDELINES, AND LITERATURE: 24 CFR Part

280. INFORMATION CONTACTS: Regional or Local Office: Contact the appropriate HUD Field Office

listed in the Catalog Address Appendix IV. Headquarters Office: Morris E. Carter, Director, Single Family De

velopment Division, Department of Housing and Urban Development, 451 7th Street, S.W., Washington, DC 20410. Telephone:

(202) 708-2700. RELATED PROGRAMS: None. EXAMPLES OF FUNDED PROJECTS: Not applicable. CRITERIA FOR SELECTING PROPOSALS: In selecting eligible

projects to receive the Nehemiah Housing Opportunity Grants, HUD shall make selections on the basis and extent to which: (1) Nonfederal public or private entities will contribute land necessary to make the project feasible; (2) Nonfederal public and private financial or other contributions (including tax abatements, waivers of fees related to development, or zoning requirements, and direct financial contributions) will reduce the cost of homes constructed or substantially rehabilitated; (3) Projects will produce the greatest number of units for the least amount of assistance provided, taking into consideration the cost difference among different market areas; (4) Each project shall be located in a neighborhood of physical and economic blight (in determining the degree of physical blight, HUD shall consider the condition of the housing, other buildings, and infrastructure in the neighborhood of the proposed project); (5) Applicants will use construction methods that will reduce the cost per square foot below the average construction cost in the market area of the proposed project; and (6) Applications will provide for the involvement of local residents in the planning and construction or substantial rehabilitation of the homes.

14.181 SUPPORTIVE HOUSING FOR PERSONS

WITH DISABILITIES

(811)

FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING

AND URBAN DEVELOPMENT AUTHORIZATION: National Affordable Housing Act, Public Law

101-625, 42 USC 8013, 104 Stat. 4324, 4331. OBJECTIVES: To provide for supportive housing and related facilities

for persons with disabilities. TYPES OF ASSISTANCE: Project Grants. USES AND USE RESTRICTIONS: Capital advances may be used to

finance the construction or rehabilitation of supportive housing for persons with disabilities, including the purchase of buildings with or without rehabilitation for use as group homes. Project rental assistance is used to cover any part of the HUD-approved operating

costs of the facility that is not met from project income. ELIGIBILITY REQUIREMENTS:

Applicant Eligibility: Nonprofit corporations.
Beneficiary Eligibility: Beneficiaries of housing developed under this

program must be very low income physically disabled, develop-
mentally disabled or chronically mentally ill persons (18 years of
age or older).

Obligations: (Reservations for Capital Grants and Rental Assistance)

FY 92 $375,583,650; FY 93 est $357,096,834; and FY 94 est

$193,754,000. Range and Average of Financial Assistance: Not applicable. PROGRAM ACCOMPLISHMENTS: For fiscal year 1992, $375.6 mil

lion for 3,234 units. REGULATIONS, GUIDELINES, AND LITERATURE: 24 CFR, 890;

HUD Handbooks 4571.2 and 4571.4. INFORMATION CONTACTS: Regional or Local Office: Contact the appropriate HUD field office

listed in Appendix IV of the Catalog. Headquarters Office: Housing for Elderly and Handicapped People

Division, Office of Elderly and Assisted Housing, Housing, Department of Housing and Urban Development, Washington, DC

20410. Telephone: (202) 708-2730. RELATED PROGRAMS: 14.157, Supportive Housing for the Elderly. EXAMPLES OF FUNDED PROJECTS: Not applicable. CRITERIA FOR SELECTING PROPOSALS: Not applicable.

14.182 LOWER INCOME HOUSING ASSISTANCE PROGRAM-SECTION 8 NEW CONSTRUCTION/

SUBSTANTIAL REHABILITATION (Section 8 Housing Assistance Payments Program for Very Low Income Families-New Construction/

Substantial Rehabilitation)

Credentials/Documentation: The nonprofit sponsor and owner must

receive certification of eligibility from HUD. The owner must submit financial statements to support its ability to provide a minimum capital investment of 1/2 of 1 percent of the capital advance amount, up to a maximum of $10,000. This program is excluded

from coverage under OMB Circular No. A-87. APPLICATION AND AWARD PROCESS: Preapplication Coordination: At the fund reservation processing

stage, a copy of each application will be forwarded to the appropriate state or local agency for a review of the supportive services plan. A certification from the agency as to whether the provision of services identified in the sponsor's application is well designed to meet the needs of the anticipated occupancy must be forwarded to the HUD Field Office. This program is excluded from coverage under OMB Circular No. A-102. An environmental assessment is required for applications containing evidence of site control. This program is eligible for coverage under E.O. 12372, "Intergovernmental Review of Federal Programs." An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State

has selected the program for review. Application Procedure: A Notice of Fund Availability is published in

the Federal Register each fiscal year announcing the availability of funds to HUD Regional or Field Offices. Applicants must submit a Request for Fund Reservation in response to an invitation published by the local HUD Field Office. This program is ex

cluded from coverage under OMB Circular No. A-110. Award Procedure: Applications are reviewed and selected for fund

ing within the funding allocation of the particular HUD Field Office or Regional Office. Those selected for funding must meet basic program requirements including, but not limited to: eligibility as a nonprofit entity, financial capacity and prior experience in

housing or related service activities. Deadlines: Applications must be submitted within the time period

specified in the invitation, usually 6 to 10 weeks. Range of Approval/Disapproval Time: At the fund reservation stage,

the sponsor usually is advised of the decision within 4 to 5 months

from the end of the application period. Appeals: None.

Renewals: None. ASSISTANCE CONSIDERATIONS: Formula and Matching Requirements: This program has maintenance

of effort (MOE) requirements; see funding agency for further details. Statistical factors used for fund allocation include a measure of the disabled population with incomes below 50 percent the median family income from the source survey of Income and Education, Census. Statistical factors used for eligibility do not apply

for this program Length and Time Phasing of Assistance: The capital advance is not

repayable if the project is available for very low income persons with disabilities for 40 years. Project Rental Assistance Contract payments may not exceed 20 years. Projects are expected to start construction within 18 months of the date of the fund reservation, with limited provision for extensions. Funds will be advanced on a

monthly basis during construction for work in place. POST ASSISTANCE REQUIREMENTS: Reports: Any change in the owner during the 40-year period must

be approved by HUD. All owners will be required to submit an

annual financial statement to HUD. Audits: HUD reserves the right to audit the accounts of the owners

in order to determine compliance and conformance with HUD

regulations and standards. Records: Regular financial reports are required. Owners must serv

ice and maintain records in accordance with acceptable mortgage practices and HUD regulations. Owners also must supply those records necessary to indicate compliance with the project rental

assistance contract. FINANCIAL INFORMATION:

Account Identification: 86-4588-0-3-371.

FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING

AND URBAN DEVELOPMENT
AUTHORIZATION: Housing Act of 1937, Sections 3, 5, and 8, Public

Law 75-412, 42 U.S.C.1437a, 1437c, and 1437f; Department of
Housing and Urban Development Act, Section 7(d), 42 U.S.C.

3535(d). OBJECTIVES: To aid very low income families in obtaining decent,

safe and sanitary rental housing. TYPES OF ASSISTANCE: Direct Payments for Specified Use. USES AND USE RESTRICTIONS: Provides housing assistance pay

ments to participating owners on behalf of eligible tenants to provide decent, safe and sanitary housing for very low income families at rents they can afford. Housing assistance payments areused to make up the difference between the approved rent due to the owner for the dwelling unit and the occupant family's required contribution towards rent. Assisted families must pay the highest of 30 percent of their monthly adjusted family income, 10 percent of gross family income, or the portion of welfare assistance desig

nated for housing toward rent. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: The Section 8 program is active for projects

under contract, but funding for development of new construction projects or for new contracts for substantial rehabilitation projects

is no longer available. Beneficiary Eligibility: Very low income families (whose income

does not exceed 50 percent of the median income for the area as determined by the Secretary with adjustments for smaller and larger families) and, on an exception basis, lower income families (whose income does not exceed 80 percent of the median income for the area adjusted for small and large families). A very low income or, on an exception basis, lower income single person who is elderly, disabled or handicapped, displaced, or the remaining

member of an eligible tenant family is also eligible. Credentials/Documentation: Not applicable. APPLICATION AND AWARD PROCESS: Preapplication Coordination: This program is eligible for coverage

under E.O. 12372, ”Intergovernmental Review of Federal Programs.” An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in apply

ing for assistance, if the State has selected the program for review. Application Procedure: Not applicable. Award Procedure: Not applicable. Deadlines: Not applicable.

Range of Approval/Disapproval Time: Not applicable.
Appeals: Not applicable.

Renewals: Not applicable.
ASSISTANCE CONSIDERATIONS:
Formula and Matching Requirements: There are no matching require-

ments.
Length and Time Phasing of Assistance: Not applicable.
POST ASSISTANCE REQUIREMENTS:

Reports: Not applicable.
Audits: Not applicable.

Records: Not applicable.
FINANCIAL INFORMATION:

Account Identification: 86-0164-0-1-604.
Obligations: (Outlays for N/SR units under payment) FY 92

$5,238,914,000; FY 93 est $5,374,631,000; and FY 94 est

$6,042,225,000. Range and Average of Financial Assistance: Not applicable. PROGRAM ACCOMPLISHMENTS: By the end of fiscal year 1992, a

total of 835,076 units were receiving subsidies under this program. REGULATIONS, GUIDELINES, AND LITERATURE: 24 CFR Parts

880 and 881; Section 8 Housing Assistance Payments Program, New Construction Processing Handbook, 7420.1 REV 1; Section 8 Housing Assistance Payments Program, Substantial Rehabilitation Processing Handbook, 7420.2 REV 1; Occupancy Requirements of Subsidized Multifamily Housing Programs, Handbook 4350.3; Accounting Handbook, 7420.6; Reviewing Annual and Monthly Fi

nancial Reports, Handbook 4370. 1. INFORMATION CONTACTS: Regional or Local Office: HUD Office listed in Appendix IV of the

Catalog that has jurisdiction over the area in which the dwellings

are located. Headquarters Office: For program information: Inactive. For man

agement information: Director, Office of Multifamily Housing Management, Housing, Department of Housing and Urban Devel

opment, Washington, DC 20410. Telephone: (202) 708-3730. RELATED PROGRAMS: 14.856, Lower Income Housing Assistance

Program-Section 8 Moderate Rehabilitation; 14.855, Section 8

Rental Voucher Program; 14.850, Public and Indian Housing. EXAMPLES OF FUNDED PROJECTS: Not applicable. CRITERIA FOR SELECTING PROPOSALS: Not applicable.

Application Procedure: The borrower is required to receive counsel

ing for a HUD-approved counseling agency prior to application. Application is submitted for review and approval or disapproval to the local HUD Field Office through a HUD approved lending institution. This program is excluded from coverage under OMB

Circular No. A-110. Award Procedure: See Application Procedure. Deadlines: None. Range of Approval/Disapproval Time: Varies. Appeals: HUD will state the reasons for refusing an application. The

applicant may reapply subject to concurrence of the lender. Renewals: Not applicable. ASSISTANCE CONSIDERATIONS: Formula and Matching Requirements: Payments that a borrower can

receive from a reverse mortgage are determined by calculating the principle limit. This is determined at closing using a factor corresponding to the age of the youngest borrower, the interest rate, and the value of the home. Mortgage insurance premiums will be collected including: 1) an up-front premium which may be financed and 2) a periodic premium which is paid monthly. The loan origination charge by the mortgagee varies, but the financed portion may not exceed one percent of the maximum claim amount. Mortgagors may be charged appraisal and inspection fees in accordance with fee schedules established by HUD. These

charges may also be financed. Length and Time Phasing of Assistance: The mortgage has no speci

fied term. The mortgage is due and payable at the death of the borrower(s) or if the borrower sells, conveys, or moves from the

property. POST ASSISTANCE REQUIREMENTS: Reports: Defaults in meeting the mortgage terms must be reported.

All approved mortgagees at any time upon request by HUD must

furnish a copy of their latest financial statement. Audits: The Department of Housing and Urban Development re

serves the right to audit the account of the mortgagee to determine its compliance and conformance with HUD regulations and

standards. Records: Mortgagees are required to service and maintain records in

accordance with acceptable mortgage practices of prudent lending

institutions and the HUD regulations. FINANCIAL INFORMATION:

Account Identification: 86-4077-0-3-371.
Obligations: (Mortgages insured): FY 92 $37,920,700; FY 93 est

$43,625,000; and FY 94 est $44,678,000. Range and Average of Financial Assistance: See USES AND USE

RESTRICTIONS for range. PROGRAM ACCOMPLISHMENTS: In fiscal year 1992, 389 units

were insured with a value of $37,920,700. REGULATIONS, GUIDELINES, AND LITERATURE: "Options for

Elderly Homeowners: A Guide to Reserve Mortgages and Their

Alternatives,” no charge; 24 CFR 200 and 206. INFORMATION CONTACTS: Regional or Local Office: Persons are encouraged to communicate

with the nearest local HUD Field Office listed in Appendix IV of

the Catalog Headquarters Office: Director, Insured Family Development Divi

sion, Office of Single Family Housing, Department of Housing
and Urban Development, Washington, DC 20410. Telephone:

(202) 708-2700
RELATED PROGRAMS: None.
EXAMPLES OF FUNDED PROJECTS: Not applicable.
CRITERIA FOR SELECTING PROPOSALS: Not applicable.

14.183 HOME EQUITY CONVERSION

MORTGAGES

(255)

FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING

AND URBAN DEVELOPMENT AUTHORIZATION: National Housing Act, as amended; Housing and

Community Development Act of 1987, Section 417, Public Law

100-242, 12 U.S.C. 1715z-20. OBJECTIVES: To enable elderly homeowners to convert equity in

their homes to monthly streams of income or lines of credit. TYPES OF ASSISTANCE: Guaranteed/Insured Loans. USES AND USE RESTRICTIONS: HUD insures lenders against loss

on reverse mortgage loans. These loans may be used to provide monthly streams of income or lines of credit for older homeown

ers, 62 years of age or older. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: Eligible borrowers are persons 62 years of age

or older, eligible properties are one unit dwellings (including con

dominiums). Beneficiary Eligibility: Individuals. Credentials/Documentation: Documentation regarding the character

istics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. This program is excluded from coverage under OMB Circular No.

A-87. APPLICATION AND AWARD PROCESS: Preapplication Coordination: This program is excluded from cover

age under OMB Circular No. A-102 and E.O. 12372.

14.184 MORTGAGES INSURANCE FOR SINGLE ROOM OCCUPANCY (SRO) PROJECTS

(221(d) Single Room Occupancy) FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING

AND URBAN DEVELOPMENT AUTHORIZATION: National Housing Act, Section 221(d), 12 U.S.C.

1751(d); National Housing Act, Section 223(g), 12 U.S.C. 1715 (g). OBJECTIVES: The Single Room Occupancy (SRO) Program provides

mortgage insurance for multifamily properties consisting of singleroom units. There are no Federal rent subsidies involved with this SRO Program. It is aimed at those tenants who have a source of income but are priced out of the rental apartment market. SRO projects will generally require some form of assistance from local

governing bodies. TYPES OF ASSISTANCE: Guaranteed/Insured Loans. USES AND USE RESTRICTIONS: HUD insures lenders against loss

on mortgages used to finance construction or substantial rehabilitation to projects of 5 or more units comprised primarily of one room residential units, with no more than 10 percent of the total gross floor space dedicated to commercial use (20 percent for sub

stantial rehabilitation projects). ELIGIBILITY REQUIREMENTS: Applicant Eligibility: Eligible applicants may be nonprofit entities;

builder/sellers with a nonprofit purchaser, a limited distribution

entity, profit-motivated entities or public entities. Beneficiary Eligibility: Residents are subject to normal tenant selec

tion procedures. There are no income limits for admission. Credentials/Documentation: Along with the Application for Mort

gage Insurance, the applicant must provide a market profile demonstrating a clear need for the proposed SRO, experience profiles as to SRO operation, a certification from the local government as

suring support of the project, and a relocation plan if needed. APPLICATION AND AWARD PROCESS: Preapplication Coordination: The sponsor has an initial conference

with the local HUD Field Office to determine the preliminary feasibility of the project before a site appraisal and market analysis (SAMA) application (for new construction projects or feasibility application (for substantial rehabilitation projects) is submitted. This program is excluded from coverage under OMB Circular No. A-102. An environmental assessment is required for this program. This program is eligible for coverage under E.O. 12372, "Intergovernmental Review of Federal Programs.” An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State

has selected the program for review. Application Procedure: The sponsor submits an application for a

SAMA or feasibility application. The application for conditional and firm commitment are submitted by the sponsor through a HUD approved mortgagee. Applications are submitted to the local HUD field office which does multifamily processing. This program is excluded from coverage under OMB Circular No. A.

110. Award Procedure: If the project meets program requirements, the

HUD Field Office issues a commitment to insure the mortgage to

the lender. Deadlines: Deadlines are established on a case-by-case basis by the

local HUD office. Range of Approval/Disapproval Time: Processing time, depending

upon the degree of preparation by the sponsor, ranges from 9 to

12 months. Appeals: If an application for mortgage insurance is refused, HUD

will state the reasons for the refusal. If reapplication is desired, the

applicant may reapply subject to concurrence of the lender. Renewals: The term of a commitment to insure may be extended

when more time is required. ASSISTANCE CONSIDERATIONS: Formula and Matching Requirements: The maximum amount of the

loan may not exceed 90 percent of the estimated replacement cost. The mortgage insurance premium is one-half percent of the mortgage amount. The HUD fees for application processing and commitment are $3 per $1,000 of the mortgage amount. The HUD-inspection fee may not exceed $5 per $1,000 of the mortgage

amount. Length and Time Phasing of Assistance: The maximum mortgage

term is 40 years, or not in excess of three-fourths of the remaining economic life, whichever is less.

POST ASSISTANCE REQUIREMENTS:
Reports: Any change of the mortgagor during the period of mort-

gage insurance must be approved by HUD. Defaults in meeting
the mortgage terms must be reported. All mortgagors are required
to submit an annual financial statement to HUD. All approved
mortgagees at any time upon request by HUD must furnish copies

of their latest financial statements. Audits: The Department of Housing and Urban Development re

serves the right to audit the accounts of either the mortgagee or mortgagor to determine their compliance and conformance with

HUD regulations and standards. Records: Mortgagees are required to service and maintain records in

accordance with acceptable mortgage practices of prudent lending

institutions and HUD regulations. FINANCIAL INFORMATION:

Account Identification: 86-4077-0-3-371.
Obligations: (Mortgages Insured) FY 92 $0; FY 93 est S0; and FY 94

est $9,000,000. Range and Average of Financial Assistance: Not applicable at this

time. PROGRAM ACCOMPLISHMENTS: The program was implemented

April 15, 1991. Commitments have been issued but no loans have

closed to date. REGULATIONS, GUIDELINES, AND LITERATURE: 24 CFR

221.565; HUD Handbook 4560.3. INFORMATION CONTACTS: Regional or Local Office: All projects are processed in Regional and

Local HUD offices. Persons are encouraged to communicate with the nearest local HUD Field Office listed in Appendix IV of the

Catalog. Headquarters Office: Policies and Procedures Division, Office of In

sured Multifamily Housing Development, Department of Housing and Urban Development, Washington, DC 20410. Telephone:

(202) 708-2556. RELATED PROGRAMS: 14.134, Mortgage Insurance-Rental Hous

ing; 14.135, Mortgage Insurance-Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate; 14.155, Mortgage Insurance for the Purchase or Refinancing

of Existing Multifamily Housing Projects. EXAMPLES OF FUNDED PROJECTS: Not applicable. CRITERIA FOR SELECTING PROPOSALS: Not applicable.

14.185 HOMEOWNERSHIP AND OPPORTUNITY FOR PEOPLE EVERYWHERE

(HOPE 2)

FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING

AND URBAN DEVELOPMENT AUTHORIZATION: Section 421 of the National Affordability Hous

ing Act of 1990 Title IV, Public Law 101-625, November 28,

1990. OBJECTIVES: To empower low income residents to become home

Owners.

TYPES OF ASSISTANCE: Project Grants.
USES AND USE RESTRICTIONS: HUD provides grants to resident

management corporations, resident councils, cooperative associa-
tions or mutual housing associations, nonprofit organizations, and
public agencies (including PHAs and IHAS) to help residents
achieve homeownership opportunities in purchasing and maintain-
ing their multifamily properties. Assistance is available through na-
tional competition for two kinds of grants: planning grants and im-
plementation grants. Planning Grants are for assessing the viability
of and to prepare residents for homeownership and to prepare im-
plementation grant applications. Generally, full planning grants are
capped at $200,000 and mini planning grants at $100,000 per
project. Implementation grants are for acquisition, rehabilitation,
technical assistance, counseling and training, economic develop-
ment activities, capital reserves, operating expenses and reserves,
and transaction costs. Implementation grants are limited to 10
years' worth of Section 8 Existing fair market rents. Applicants
are required to provide matching funds from nonfederal sources of