HUD worked with the City and small developers to rescue this very large affordable housing project from foreclosure and disrepair.
740 South Olive Street - Los Angeles, CA
740 South Olive Los Angeles, CA
Combining Section 8 rental assistance with a FHA-insured mortgage gave this property for seniors and disabled the funding it needed for substantial rehabilitation.
Community Towers Apartments - Louisville, KY
Community Towers Louisville, KY
HUD worked with a nonprofit organization to refinance and repair homes for the elderly in Louisville, Kentucky -- and to make key energy efficiency improvements in the property.
Sea Breeze Apts. - San Diego, CA
Sea Breeze Apts San Diego, CA
HUD worked with local partners to do repairs, upgrades, and provide new family services, turning a troubled property into a model for seniors and families.
Walnut Park Apts. - Portland, OR
Walnut Park Apts Portland, OR
Walnut Park, developed in 1981, provides housing for seniors in an inner city neighborhood.
Admiral Apartments Portland, OR
Admiral Apartments Portland, OR
Originally built in 1909, the Admiral has undergone several transformations over the years.
Vista 400, Tampa Florida
Vista 400, Tampa Florida
Vista 400 is a 200-unit property, housing seniors and many Section 8 residents.
HUD oversees more than 22,000 privately owned multifamily properties, and more than 1.4 million assisted housing units. These homes were originally financed with FHA-insured or Direct Loans and many are supported with Section 8 or other rental assistance contracts. Our existing stock of affordable rental housing is a critical resource for seniors and families who otherwise would not have access to safe, decent places to call home.
HUD is actively working with our industry partners to preserve the affordability and long-term viability of multifamily housing. Many HUD properties were financed 30 to 40 years ago. Housing subsidy contracts are expiring on thousands of privately owned multifamily properties with federally insured mortgages. Many of these contracts set rents at amounts higher than those of the local market. As these subsidy contracts expire, the Mark-to-Market program will reduce rents to market levels and will restructure existing debt to levels supportable by these rents.