The basic objectives of the program are to provide: Construction-only financing to sponsors to acquire, construct, or rehabilitate adequate, safe, and sanitary single family and rental properties for occupancy by families of limited income, when permanent financing is assured; Financing to sponsors for preconstruction costs for the development of housing for occupancy by families of limited income, to eligible properties where construction and permanent financing is assured; and Land bank financing to local governments for the acquisition of land or interests in land to be held for future development of housing for occupancy by families of limited income.