Public Housing Mortgage Program (PHMP) - Description

PHMP transactions primarily include mortages or secruity interests on public housing property whose proceeds are used for various affordable housing development or rehabilitation activities. The proceeds may come in the form of construction loans, bridge loans for Low-Income Housing Tax Credit (LIHTC) equity, permanent financing that may be repaid through sales proceeds or other non-HUD proceeds, etc.

The use of any proceeds may include:

1. modernizing public housing units;
2. acquiring or otherwise developing public housing units;
3. developing Project-based Section 8 units; or
4. modernizing, acquiring (with rehabilitation if necessary) or developing units to serve persons at or below 80% of area median income, which may include rental as well as homeownership units.