Operating Deficit Guaranty: Targeted Affordable Housing Properties With Preservation Rehabilitation (ODG-TAP) is a program designed by the United States Department of Housing and Urban Development (HUD) to guarantee the operating deficits of affordable housing units that are undergoing major repairs or preservation rehabilitation. The program provides loans to eligible property owners to cover up to 90% of the difference between the property’s rental income and its operating expenses. The ODG-TAP loans are available for existing, multi-family, rental properties with up to 200 units, that are at least 20 years old. The program is divided into two components: the Operating Deficit Guaranty, and the Targeted Affordable Preservation (TAP) program. The Operating Deficit Guaranty helps property owners finance operating deficits incurred while completing major repairs or preservation rehabilitation to the property. The TAP program helps property owners finance the preservation and rehabilitation of their properties, with the goal of preserving the affordability of the housing. There are two types of ODG-TAP loans: direct loans and subordinate loans. Direct loans are made directly to the property owner, and are used to finance the operating deficits incurred while completing the repairs and rehabilitation. Subordinate loans are provided to the property owner by a lender, and are used to finance the preservation and rehabilitation of the property.
Operating Deficit Guaranty: Targeted Affordable Housing Properties With Preservation Rehabilitation
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State and localities receive HOME fund from HUD each year, and spend it on things such as: rental assistance, assistance to homebuyers, new construction, rehabilitation, improvements, demlition, relocation, and administrative costs.), local grants, land donations, contributions from charitable foundations, and deferred
The types of projects eligible for the LIHTC include rental housing located in multifamily buildings, single-family dwellings, duplexes, and townhouses.
Tenant-based rental assistance programs. Federal tenant-based rental assistance is provided primarily through HUD's Housing Choice Voucher. It is the largest and most sought after housing program in America.
Nationwide, direct government subsidies cover less than 4 percent of America's housing stock in contrast to 15 percent to 40 percent in Western Europe.
The federal government spent $90 billion on housing assistance 2021, an increase of almost 70 percent from the preceding year, largely due to legislation enacted in response to the coronavirus (COVID-19) pandemic.
Within general guidelines set by the Internal Revenue Service (IRS), state housing agencies administer the LIHTC program.
To support affordable rental housing, federal agencies administer more than a dozen different programs that provide rental assistance payments, grants, loan guarantees, and tax incentives?such as the Department of Housing and Urban Development's (HUD) Housing Choice Voucher.
Public housing is exclusively funded by Congressional appropriations. Because Congress has not adequately funded public housing for decades, public housing units nationwide need a combined $45 billion (and rising) in repairs.