Federal funding is sometimes used to renovate old buildings into comfortable apartments.
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture's (USDA) Rural Development office have several homestead programs that reach low- to moderate-income families in communities across the country. Some initiatives are aimed at rental units, but there are others for building new homes and still other ones for renovating buildings and homes. Local governments apply for HUD grant money, and in some instances states administer programs on behalf of HUD. Does this Spark an idea?
Block Grants
According to HUD (Reference 1), the federal government gives states funding to improve the housing stock in small cities as part of a Community Development Block Grant program/ Programs operating in larger areas fall under the Entitlement Communities Block Grant program. Qualified cities, towns, and counties apply to their respective state housing and/or community renewal organizations for money. Grants can be used to build homes for income-qualified first-time home buyers, or they could fund electrical, heating, roofing, plumbing, and exterior renovations for owner-occupied homes that have fallen into disrepair.
Neighborhood Stabilization Program
HUD's Neighborhood Stabilization Program grants help to communities that were disproportionately affected by foreclosures and abandonment. Under this initiative, HUD provides local governments or nonprofit agencies money to buy and renovate foreclosed property. Twenty-five percent of each grant must be spent on housing for low-income residents.
Rural Development Home Repair Loan and Grant Program
The USDA's Home Repair Loan and Grant Program serves income-eligible homeowners who are 62 and over. Grants, which are awarded to very low-income seniors, cover repairs that are necessary to make a home handicap-accessible, and can also be used for roof repairs, new heating systems, and plumbing improvements.
Tags: Block Grant, Block Grant program, Grant program, Grant Program, Home Repair, Home Repair Loan, Loan Grant
