The Loan Management Set-Aside (LMSA) Family Program
The Loan Management Set-Aside (LMSA) Family Program provides financial assistance in the form of rental subsidies to multifamily properties that are experiencing potentially serious financial problems. The purpose of the loan is to maintain the housing under the Section 8 program while continuing to allow a low rental rate for tenants, financial stability for the landlord, and an opportunity for structural improvements for the building. If you are a landlord seeking to join this program, you must have your property financed with a HUD-insured or HUD-held mortgage and provide a thorough plan for utilization of funds upon submission of application. The property must continue to service Section 8 tenants throughout the term of the loan contract (which is a minimum of 5 years).
- Section 515 Rural Rental Housing Loans Program
- The Section 811 Disabled Program
- The Section 202 Elderly Program
- The Low Income Housing Preservation and Resident Homeownership Act (LIHPRHA)
- The Section 8 New Construction/Substantial Rehabilitation Program
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There are a number of sub-programs that fall under Section 8 and it's important to understand the differences among them. See descriptions below to learn about some of these programs.