What is section 221(d housing?
Section 221(d) is a program that helps organizations build and repair housing. The housing can be used for low-income people, but it can also be used for people with moderate incomes. Projects which contain Single Room Occupancy may also recieve assistance through Section 221 (d).
Within the broad category of 221(d) housing, there are two basic types. 221(d)3 housing is run by non-profit organizations and cooperatives. 221(d)4 housing is run by for-profit corporations.
It's hard to say very much about 221(d) housing, because the different 221(d) housing projects can be totally different from each other. Some 221(d) housing is run by charitable organizations that are trying to help poor people. Other 221(d) housing is run by corporations that are trying to make a profit by renting apartments to people who make a fair amount of money.
There is only one thing that all 221(d) housing has in common. It's always what the government calls "multi-family housing." That means that 221(d) housing can't just be a house for one family; it has to be something complex containing 5 or more units. Also, those renting from for Section 221(d)(3) can make up to 95% of the area median family income.