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The US Department of Veterans Affairs is pleased to announce a new pilot loan guarantee program for transitional multifamily housing. During the pilot phase VA can guarantee up to 15 low-interest rate loans with an aggregate dollar amount of $100 million. Loans would be originated by the Federal Financing Bank (FFB), an arm of the U.S. Department of the Treasury. VA will offer a 100 percent loan guarantee on program funds.
The program objectives are to:
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Increase the number of community beds for homeless veterans nationally by at least 5,000.
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Help homeless veterans transition to permanent housing through supportive services, counseling, and requiring that residents take personal responsibility to remain sober, employed, and to pay monthly rent.
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Promote the development and operation of supportive multifamily transitional housing for homeless veterans in geographic areas of greatest need.
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Determine whether a federal loan guarantee program is an effective tool for facilitating the development of transitional supportive housing for homeless veterans.
VA anticipates that multifamily housing financed under this program will be at least 100 units.
This program does not fund single-family housing.
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