Privately owned rental housing that is made available to low-income individuals and families at reduced rates based on a contract between HUD or the state housing authority and the property owner. Subsidies are paid directly to the owner of the property who then rents units to income-eligible families and people who are elderly or have disabilities. Some privately owned rental units that were developed or improved with public funds are also required to rent a designated number of units at reduced prices until the federal or state loans are paid.
Taxonomy Code: BH-830.200
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