HUD housing programs help low-income families.
The U.S. Department of Housing and Urban Development has several grant programs for homeowners and homebuyers, and renters. The goal of these programs is to help low-income families with their housing needs. These programs encourage home ownership among low-income and minority families. Also, low-income families in public housing are typically the most vulnerable to hazards in the home, and programs are available to help with the costs of making these corrections.
Healthy Homes Grant Program
HUD provides Lead Based Paint and Lead Hazard Reduction grants to states, local governments, nonprofit agencies and colleges to help correct lead-based paint hazards in the home. HUD does not make grant award directly to individuals. Other hazards that can be addressed include mold, carbon monoxide, pesticides and radon. Homes and public housing built prior to 1978 are the target for this program. The grant money is used to develop low-cost methods for hazard assessment and reduction.
American Dream Downpayment Initiative
The American Dream Downpayment Initiative helps low-income families pay for the down payment and closing costs to purchase a home. The family can receive up to $10,000 or 6 percent of the home's purchase price, whichever is greater. The money can also be used toward making repairs to the property. The repairs must be made within one year of receiving ADDI funds. To qualify for the program, the family must be first-time homebuyers.
Good Neighbor Next Door
HUD's Good Neighbor Next Door Program helps law enforcement officers, firefighters, teachers and emergency medical technicians attain home ownership. These homebuyers can receive a 50 percent discount on the sale price of the home if they agree to occupy it for three years as their primary place of residence. The home must be located in a HUD-designated revitalization area and the unit must be a single-family home in order for the home buyer to receive the discount. For the initial three years, the homeowner will be asked to certify her residency in the home.
Homeownership Voucher Program
The Homeownership Voucher Program helps Section 8 voucher holders purchase a home with a mortgage subsidy. The homeowner is responsible for paying 30 percent of his income toward the monthly mortgage and HUD pays the remaining portion. The home buyer must be able to qualify for a loan from a lender to participate in the program. He must have a steady source of income and have been employed for at least a year to qualify for help. The family will also be required to attend home ownership education classes to have their rental assistance payment converted to a mortgage subsidy.
Tags: low-income families, home ownership, American Dream, American Dream Downpayment, Downpayment Initiative, Dream Downpayment
