Wednesday, April 8, 2015/Author: CC5572 STATE
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Section 811 Project Rental Assistance (PRA) Program

Collaboration between Housing Division and DPHHS will provide supportive housing choices for non-elderly persons with disabilites.

Young woman enjoying her music.

The 811 PRA program will provide a project-based rent assistance subsidy for eligible multifamily properties that will cover the difference between the tenant payment and the approved rent. The program operates through collaboration between Montana Department of Commerce (MDOC) and Department of Public Health & Human Services (DPHHS) that will increase rental housing units for persons with disabilities by integrating Section 811 PRA assisted units within existing, new or rehabilitated multifamily properties with a mix of incomes and disability status.

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Wednesday, April 8, 2015/Author: CC5572 STATE
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Section 8 Housing Choice Vouchers are financed by U.S. Department of Housing and Urban Development

Allows very low income families to pay a set amount towards rent and utilities, based on their gross adjusted income.

A mother and her son.

Very low income families have incomes of 50 percent or less of the HUD median family income for the county in which the family resides, established by HUD annually.  The program provides subsidy payments to property owners on behalf of program participants.

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Wednesday, April 8, 2015/Author: CC5572 STATE
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Score Advantage Down Payment Assistance (DPA) Program

Established to help borrowers who are eligible for Montana Board of Housing (MBOH) financing, but who lack funds for down payment and closing costs.

Single mom with two small children.

The Score Advantage Down Payment Assistance (DPA) Program was established to help borrowers who are eligible for Montana Board of Housing (MBOH) financing, but who lack funds for down payment and closing costs. MBOH provides up to $6,500 towards DPA in combination with funds for 30-year FHA, VA, Rural Development or HUD-184 loans. The DPA loan is an amortizing junior loan on the property. Both are fixed-rate loans, with no prepayment penalty. Interest rates are based on credit scores at time of application – borrowers with higher credit scores enjoy lower rates!

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Wednesday, April 8, 2015/Author: CC5572 STATE
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Reverse Annuity Mortgage (RAM) Program

Lower income seniors 68 years or older have the ability to borrow the equity in their homes and benefit from the additional income.

Senior couple.

The RAM program was implemented by the Board in October of 1990. The program enables senior Montana homeowners to more substantially provide for their own in-home support. Lower income seniors 68 years or older have the ability to borrow the equity in their homes and benefit from the additional income.

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Wednesday, April 8, 2015/Author: CC5572 STATE
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HOUSING DIVISION | MONTANA DEPARTMENT OF COMMERCE
301 S. PARK AVE, STE 240 | PO BOX 200528 | HELENA, MT 59620-0528 | P: (406) 841-2840 | F: (406) 841-2841 | TDD: (406) 841-2702 | TOLL FREE: (800) 761-6264