low-and moderate-income by providing interest reduction payments in order to lower their housing costs. TYPES OF ASSISTANCE: Direct Payments for Specified Use; Guaranteed/Insured Loans. USES AND USE RESTRICTIONS: Use was limited to Section 236 insured and non-insured mortgages financed by State or Local Housing Finance Agencies. PROGRAM IS NOW INACTIVE, i.e., NO NEW PROJECTS ARE BEING APPROVED. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: Eligible mortgagors included nonprofit, cooperative, builder-seller, investor-sponsor, and limited-distribution sponsors. Public bodies did not qualify as mortgagors under this program. Beneficiary Eligibility: Families and individuals, including the elderly and handicapped or those displaced by government action or natural disaster, eligible to receive the benefits of the subsidies must at the time of admission fall within certain locally determined income limits. Families with higher incomes may occupy apartments, but may not benefit from subsidy payments. Credentials/Documentation: Documentation regarding the characteristics of the property and qualifications of the mortgagor was submitted with the application. This program is excluded from coverage under OMB Circular No. A-87. APPLICATION AND AWARD PROCESS: Preapplication Coordination: Documentation regarding property characteristics and mortgagor qualifications was assembled by the mortgage
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