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Section 312 Rehabilitation Loan Program

Program (?) Section 312 Rehabilitation Loan Program
Alternative Name(s) Small Home Loans; Home Improvement Loans
Program Description

The Section 312 Rehabilitation Loan Program encouraged rehabilitation of one- to four-unit private properties. GNMA (Government National Mortgage Association)agreed to purchase loans originated by lenders at below-market interest rates. Direct federal loans were made available to building owners, with a three percent interest rate for 20 years. The program operated as a cooperative venture between the federal government, which furnished the loan funds, and localities, which processed the loans. Section 312 authorized direct federal loans to eligible borrowers whose repayments, together with appropriations and other income, formed a “revolving fund” from which other Section 312 loans were made. HUD ended the program and in 2001 sold the outstanding loan proceeds.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time, Ongoing
Benefit Type (?) Financing
Government Agency (?) US Dept of Housing and Urban Development
Program Information (?)  
Scale N/A
Timeframe 1964-2001
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Occupied
Property Type Building
Building Type One- to Four-family
Construction Type Rehabilitation
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) No Restrictions
More Information US HUD
US HUD (PDF)
Available on CoreData.nyc? No

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