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DRAFT FOR ATTORNEY REVIEW — NOT FINAL

Commonwealth of Pennsylvania v. James T. Lynn, Secretary of Housing and Urban Development, 501 F.2d 848 (1974)

Citation
Commonwealth of Pennsylvania v. James T. Lynn, Secretary of Housing and Urban Development, 501 F.2d 848 (1974) 2.
Parent Document
Commonwealth of Pennsylvania v. James T. Lynn, Secretary of Housing and Urban Development, 501 F.2d 848 (1974)
Effective Date
1974-09-25

Other Sections in This Document (236)

Full Text

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2. Section 235 is aimed at “assisting lower income families in acquiring homeownership” by subsidizing construction of single-family units for their purchase. The builder/sponsor enters into an agreement whereby the government insures the mortgage, and then subsidizes its repayment to the extent that principal, interest, taxes, and insurance exceed 20% of the qualified vendee’s income, with a subsidy ceiling so that the effective interest rate is not reduced below one per cent.