MONTANA RENTAL SUBSIDIESED PROGRAMS TO BE CUT

The Montana Board of Housing offers financing to produce rental housing that is affordable for low-income Montanans. The Multifamily Program monitors these properties to ensure that they comply with federal and state requirements and that they fulfill the obligations they committed to for the financial assistance they receive. The Reverse Annuity Mortgage Program is one of the few RAMs that has been implemented by a State Housing Finance Agency and Montana is proud of the support we have been able to extend to many low-income seniors who wish to stay in their home as long as possible. The Risk Sharing Program is a collaboration between the Montana Board of Housing and the Department of Housing and Urban Development (HUD) which provides FHA insured permanent financing for units of multifamily rental property in Montana.

The General Obligation (G.O.) Program is a source of permanent mortgage financing for affordable rental housing which meets certain low income occupancy and rent limitation requirements. The Board provides mortgage underwriting and loan management as well as financing.

FEB 17, UPDATE ELDERLY AND DISABLED ASSISTANCE AT RISK WITH HUD

The table below shows not only the FY12 budget proposal, but also the funding levels proposed for the remainder of FY11 in H.R. 1, introduced on February 11 by House Appropriations Committee Chairman Harold Rogers (R-KY). H.R. 1 would eliminate two-thirds of the funding for CDBG and more than two-thirds for Section 202 and Section 811. It would eliminate housing counseling funds and would reduce funding for HOME, public housing, and Native American housing. It would continue funding for the Rural Innovation Fund and SHOP.http://www.ruralhome.org/index.php?option=com_content&view=article&id=394:fy12-hud-budget-and-appropriations&catid=45