Section 502 rural homeownership program represents the largest homeownership program oriented to construction for low-income houses. In addition the HOME program may provide greater support for construction of units for first time, low-income home buyers. The HOME program was created in 1990 and all funds in this program targeted for rental assistance are aimed at households with incomes under 60 percent of the median income.
HUD also has incorporated various urban homestead programs under which properties which have defaulted on their HUD insurance were recycled to low-income families. One of many such programs is HOPE 3 (Home Ownership for People Everywhere). This program requires that recycled properties be made available to families with incomes no more than 80 percent of the median income.
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