Please be advised. No federal agency, state agency, or local government writes any checks to any tenant, property owner, or developer to support a Housing Finance Corporation. It is all done with tax exempt bonds and tax credits.
A naysayer would say that the government is giving up taxable income to finance housing. That's not quite true, either. Even though the multi-family projects are not taxed as market rate projects, the home buyers pay property tax and tenants pay other taxes in more available disposable income purchases. And furthermore, 100% of zero is still zero. If the projects weren't built, because of lack of funds, there wouldn't be any taxes anyway.
We need a Housing Finance Corporation. All the info regarding HFC's are in this blog site. It's there for you to read and understand. If you have a question, send it to me via the "Contact" email above and I will answer it, or try to find the answer for you.