Housing Grants Housing Grants: Housing grants are free money for owning a home and are aimed at assisting people with low or moderate income. Assistance is given in the form of home grants, down-payment assistance, and lowinterest loans. U.S. citizens can apply for home grants to purchase homes, buy income and rental property, and renovate real estate. Over $140 billion has been allocated this year for home grants. The primary source of free housing grants is the government. The U.S. Department of Housing and Urban Development (HUD), through a joint initiative with the Federal Government and banking, offers grants to encourage home ownership. Many home grants can be used for community development. Applying for Housing Grants: Housing grants can be used for a wide range of people with a wide range of needs: from first-time homeowners to people who have owned in the past to those interested in seniors-only communities. New construction and existing home purchases are both included in these housing grants, as are grants that cover closing costs and renovations. Unlike a home loan, home grants, or housing grants are not strictly based on your financial security and credit rating. People with lower income and even poor credit are encouraged to apply for free government housing grants. You can find homeowner education for free with grants that are designed to assist homeowners in managing their homes once purchased, including training you how to set up a household budget and manage your finances. Community Development Block Grants: Community Development Block Grants (CDBG) is an entitlement grant awarded to cities and counties through the U.S. Department of Housing and Urban Development (U.S. HUD). It’s based upon need based factors including population, income, unemployment level and housing conditions. Community Development Block Grants are to be used for a wide range of housing and community development activities directed toward neighborhood revitalization, economic development and improved community facilities and services, and must give “maximum feasible priority� to activities that will benefit low-and moderate-income persons or aid in the prevention or elimination of slums or blight. Funds may also be used to meet other community development needs that present a serious and immediate threat to the health or welfare of the community.
Housing Grants Applying for Community Development Block Grants: Community Development Block Grants are administered by City Governments, County Governments, Parishes and Councils of Government (COGS). Corporations, associations, religious organizations, schools or other agencies with non-profit status under the Internal Revenue Code (Section 501(c) (3), and government non-profits, i.e., public agencies, commissions or authorities, may apply for Community Development Block Grants. Summary: Federal Housing Grants are offered by the government to encourage home ownership. Assistance is given in the form of home grants, down-payment assistance, and low-interest loans. Community Development Block Grants are to be used for a wide range of housing and community development activities directed toward neighborhood revitalization, economic development and improved community facilities and services.