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Projects relying on the 421-a completion extension in tandem with Mandatory Inclusionary Housing (MIH) are expected to deliver both more housing and deeper affordability to several neighborhoods across the city, according to a recent data analysis by the NYU Furman Center.
FHA Improvements to the 203(k) Rehab Mortgage Program The 203(k) rehab mortgage program allows a person to buy a house that needs to be rehabbed or modernized by consolidating the finance of the home purchase and cost of rehabilitation through a single mortgage. It also lets homeowners finance the rehabilitation of their existing home.
However, the myriad considerations that need to be accounted for can make the decision seem far more complex than it ought to be. The second option is for states to partner with a third-party organization to help administer the benefits side of the house.
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