Data Set Descriptions

202/811 Capital Advances

Capital advances made by HUD for the construction of rental housing for very low income elderly (202) or very low income persons with disabilities (811).

Basic FHA

Includes all FHA insured loans except Preservation 241f equity and hospital loans. Includes the FHA New Construction/Substantial Rehab (NC/SR), 232 Health Care, 223f Purchase/Refi, 223a7 Refi, 241 Improvements, and Operating Loss categories described below.

FHA New Construction/Substantial Rehabilitation of Apartments/ Coops (NC/SR)

Includes FHA apartments, but no 202/811 loans. NC/SR loans are insured primarily under the 221(d) program. All mortgages are made at market rates. Nonprofit and cooperative sponsors use the 221(d)(3) program, while profit-motivated sponsors use the 221(d)(4) program.

232 Health Care Facilities

Includes loans for facilities offering health related services insured under the Section 232 program. Projects include nursing homes, board & care, and assisted living facilities and cover loans for new construction/sub rehab, 223f/223a7 purchase or refinancing, and 241a improvements/additions. (Note: Operating Loss loans for 232 projects are not included; these loans are counted in the operating loss data set below.)

223f Purchase/Refi of Apartments

Includes loans insured under the 223(f) program for refinancing or purchase of existing apartments (both conventionally financed and FHA-insured). No 232 health care facilities are included.

223a7 Refi of Apartments

Includes apartment loans that are already FHA insured and are now being refinanced under 223(a)(7). No 232 health care facilities are included.

241(a) Improvements/ Additions of Apartments

Includes supplemental loans for improvements, additions, or equipment at apartment/ coop projects with FHA insured first mortgages. Note: 241a loans made on health care facilities are included in the 232 category above.

Preservation 241f Equity

Only loans insured under Section 241f to extend low income use of projects eligible to prepay. Loans were made: 1) to permit owners who stay in place to take out equity and receive an adequate return on their investment while rents remain affordable; or 2) to provide acquisition financing for purchasers who extend the low income use. No capital grants are included in these reports..

Operating Loss Loans for Apartments/ 232 Health Care Facilities

Includes loans made under the 223(d) program for losses incurred during a two-year period of operation of an FHA insured project. The 2-year period is either the first 2 years following completion or any 3 year period during the first 10 years after completion.

HFA Risk Sharing Pilot Program

Housing Finance Agencies (HFAs) select projects they wish to finance and HUD provides long-term mortgage insurance to enhance the credit rating of HFA debt obligations. HFAs underwrite and close the loans, with HUD performing only environmental, market need, and affirmative fair housing reviews. HUD field office endorse the notes for mortgage insurance.

The projects must meet the Low Income Housing Tax Credits (LIHTC) standards of affordability – i.e., at least 20 percent of units affordable to families at or below 50% of median income or 40 percent of units affordable to families at or below 60% of median income. HFAs handle loan servicing and asset management matters that HUD performs on FHA insured projects. If a mortgage defaults, HFAs must handle workouts and dispositions; no mortgages are assigned to FHA. HUD and the HFA share any loss or gain on disposition. HUD's share varies between 50% and 90% of the loss or gain.

The program is authorized under Section 542(c) of the Housing and Community Development Act of 1992.