Affordable housing refers to various public- and private-sector initiatives aimed at helping low- and moderate-income individuals and families purchase homes. These programs often feature lower down payments, eased loan-qualifying rules, and below-market interest rates.
The FHA 235 program provides an interest-rate subsidy for lower-income families to become homeowners by reducing the required monthly mortgage payments through government assistance.
The Homeowners Affordability and Stability Plan (HASP) was a governmental initiative designed to provide mortgage assistance to millions of homeowners struggling with their mortgage payments.
