Government Grants for Homeowners
- Owning a home is a major part of the American dream. HUD offers the American Dream Downpayment Initiative (ADDI) to increase home ownership in a given community. Lower income and minority areas of our nation are primary target areas for this grant. Closing cost, down payment, and rehabilitative assistance will be made available for eligible individuals. Being a first-time home buyer who hasn't owned a home in the past three years is the primary requirement to obtain this grant. There are local HUD agencies or community-based housing associations in most locations within this nation that has this type of grant assistance available to the public.
- First-time homeowners who are economically disadvantaged have the option of exchanging their labor and time in order to obtain funding for home ownership from the government. The Self-Help Homeownership Opportunity Program (SHOP) is a federal grant plan that teams up with non-profit organizations and associations. The funds are used to buy home sites to improve or develop infrastructure so that low-income persons and families can contribute their sweat equity to building a new home. Once the structure is completed the eligible applicant will be able to occupy the residence. The goal of this program is to ensure that low-income people have basic and decent housing. Potential candidates for the SHOP plan must apply with housing agencies such as Habitat for Humanity or the ACORN Housing Association.
- Grant seekers who are searching for any type of grant assistance must make sure that they understand the mission statement of any organization if they expect to receive funding. This is especially true when someone is trying to receive grant funding from the government. The Dollars Home Initiative is a program that the government funds in order to help potential low-income home owners to afford housing opportunities. When a potential low-income homeowner wants to utilize this method to obtain home ownership they have to make sure they're lining up their agenda with the government's purpose for offering housing through this type of program. Revitalizing communities, improving housing conditions in order to improve the quality of life are a few reasons as to why the government offers this type of grant. Contact your local HUD agency to find out how you can benefit from this unique program that helps low-income individuals to afford decent housing.
- HOME Investment Partnership Programs build houses, buy houses and rehabilitate homes for the purpose of home ownership or renting. This assistance comes to the states in the form of a block grants. Block grants that are given to states for housing purposes are primarily used to create affordable homes within a particular location. HOME encourages partnerships between government and private sectors to make sure housing is affordable for economically disadvantaged people who meet certain income requirements. HUD is a major recipient of this grant and they do offer grant funding through their programs or other community housing agencies to help people who qualify. A potential applicant must apply for this type of assistance with their local HUD office.
- Individual home buyers can obtain a new home through the use of the Single Family Property Disposition program. This program allows HUD properties to be sold in order to increase home ownership opportunities. Individuals can benefit from the purchase of this home by receiving them at lower amounts. Having a lower income status isn't so much an issue with this type of program. Also, HUD sponsored plans use this program to help people in particular professions to obtain lower cost housing. One of these programs is called the Good Neighbor Next Door Sales. Applicants must contact their HUD agency to find out more information about how they can benefit from this particular grant funded program.