Grants to fix houses range from the "American Dream Down Payment Initiative" for low income and minority households to funds from state and local governments to Housing and Urban Development Programs. Also, renewable energy grants processed by the contractor who installed the system are available to each homeowner. "Energy Star" appliances substantially reduce electric bills because large appliances use 70 percent of the household electricity. Does this Spark an idea?
American Dream Downpayment Initiative
The American Dream Down Payment Initiative (ADDI), enacted Dec. 16, 2003, aims to increase home ownership, especially, among low income and minority households. The ADDI helps first-time homebuyers with down payments, closing costs and funds to repair a home. First-time homebuyers are eligible for ADDI funds if their income does not exceed 80 percent of the median income of the area. ADDI assistance may not exceed $10,000 and repairs must be done within a year. Most cities have similar programs. The San Diego Housing Commission (SDHC) has three. The San Diego Neighborhood Stabilization Home Ownership Program is for low to moderate income buyers of foreclosed properties in specific areas of San Diego. The San Diego First-time Homebuyer Program provides closing costs, shared appreciation loans and mortgage credit certificates for all homes within the San Diego Zip code. The For-Sale Affordable Homes program requires developers and original buyers to sell homes below market value.
U. S. Housing and Urban Development
The HUD "Healthy Homes Demonstration Grants" are given to nonprofit groups to promote cost-effective identification and correction of residential health hazards. The Healthy Homes Demonstration Grant Program is for the elimination of hazards that contribute to childhood diseases, such as lead paint and mold. The grant also funds education and outreach to alleviate these hazards. The grantees must show financial commitment and use Healthy Homes grant funds directly on hazards. Applicants must effect homes of low-and very-low income families.
The HUD "Property Improvement Loan Insurance for Improving All existing Structures" has $57,000,000 available in 2010. Individual financing is contingent on the value of the house. The program finances improvements to homes and existing structures. "Rehabilitation Mortgage Insurance" is a similar program. The owner of the property or a tenant with the approval of the owner may apply. Applications must be filed pursuant to OMB A-102 and A-110. Credit approval is by HUD-insured lenders. These HUD loans are to finance home improvements and may include building of structures that increase the value of the property. Single family homes are insured up to $25,000, and multiple family structures are insured up to $60,000.
Alternative Power and Energy Efficient Appliances
The "Database of State Incentives for Renewables and Efficiency" lists federal grants and tax offsets that each homeowner can receive for conversion to renewable energy. States provide rebates, cancel property tax and sales tax, reduce state income tax and grant funds. Utility companies offer rebates and purchase your electric power through the "Green Power Network." The U.S. Department of Energy "Energy Savers: Rebates for Energy Star Appliances" explains that major appliances (refrigerators, freezers, central air conditioners, furnaces, heat pumps, hot water heaters and clothes washers and dryers) use 70 percent of the household electricity. Replacing these appliances with Energy Star appliances significantly reduces the electric bill.
Tags: American Dream, Energy Star, Healthy Homes, American Dream Down, closing costs, Down Payment, Down Payment Initiative
