Home

About Us

Products

Consulting

Recent Closings

Contact Us

CONSULTING

ARMSTRONG MORTGAGE COMPANY has served as a consultant for non-profit sponsors on fifty-nine (59) Section 202 project loans in excess of $120,000,000 and four (4) Section 811 project grants.

Both of these programs have been created and authorized by Congress. The Department of Housing and Urban Development awards grant money from a nationwide pool of grant applications. This competitive program is selective as only a limited number of applications receive funding.

SECTION 202 - Supportive Housing for the Elderly

• This program provides interest-free capital advances to private, nonprofit organizations for construction or rehabilitation of rental housing with supportive services for the very low-income elderly.



• The advance remains interest-free and does not need to be repaid as long as the housing remains available for the very low-income elderly for a least 40 years.



• Rental assistance for project residents is part of the program. Residents pay 30 percent of their adjusted gross income in rent while the Section 202 grant money pays the difference between the monthly approved operating cost and the rent received from the tenant.

SECTION 811 - Supportive Housing for Persons with Disabilities

• This program provides interest-free capital advances to private, nonprofit organizations for construction or rehabilitation of rental housing with supportive services for very low-income persons with disabilities who are at least 18 years old.



• The advance remains interest-free and does not need to be repaid as long as the housing remains available for very low-income persons with disabilities for a least 40 years.



• Rental assistance for project residents is part of the program. Residents pay 30 percent of their adjusted gross income in rent while the Section 811 grant money pays the difference between the monthly approved operating cost and the rent received from the tenant.