Did you know there are GRANT programs available to help you with closing costs, down payments, etc? Below are some links and information to different GRANT Programs available.

What is a Housing Grant?     Questions?     Call now 877-647-6203

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A housing grant is an amount of money awarded by the government, a bank, or a financial institution to assist and allow potential homeowners to purchase a home. Generally, housing grants are awarded to organizations and initiatives that target low-income households to encourage homeownership. Government institutions that provide housing-related grants include the Department of Energy, the Department of Agriculture, and the Department of Housing and Urban Development (HUD). According to the U.S. Department of Housing and Urban Development, the "HUD does not offer direct grants or loans to individuals, [but works] through local governments and non-profit organizations to make financial assistance and counseling available." HUD grants do not cover the entire cost of a house and are only available to potential homeowners who qualify for a mortgage.

An example of a HUD-sponsored initiative is the American Dream Downpayment Initiative (ADDI) introduced in December of 2003. The initiative is part of the HOME Investment Partnership Program and is targeted toward minority and low-income households to promote homeownership rates. The ADDI provides financial assistance in the forms of grants to cover the down payment and closing costs for eligible homebuyers. To be eligible for the program, potential homeowners must be first-time homebuyers with an income not exceeding 80% of the area median income (AMI).

Another grant-based housing initiative is the Wisconsin Affordable Housing Program that is sponsored by the Federal Home Loan Bank. The Affordable Housing program assists low- to moderate-income households through grants or below-market loans. According to the Federal Home Loan Bank of San Francisco, the Affordable Housing Program plans to award $21.8 million in grants in 2005. The Federal Home Loan Bank states that "the money will support 49 projects and generate nearly 3,056 affordable housing units in Arizona, California, Nevada, and Texas." At the end of May, the first round of grants were awarded to the cities of Guadalupe, Kaibeto, Phoenix, San Luis, and Superior, in Arizona. The Federal Home Loan Bank states that "in California, the following communities will benefit: Arroyo Grande, Bakersfield, Brentwood, Cathedral City, Chula Vista, Claremont, Desert Hot Springs, Fontana, Fort Bragg, Garberville, Lancaster, Linda, Los Angeles, McFarland, Modesto, Norwalk, Novato, Oakland, Parlier, Paso Robles, Redding, Richmond, Sacramento, San Diego, San Francisco, San Jose, Santa Barbara, Santa Cruz, Santa Paula, Santa Rosa, Signal Hill, Turlock, and Ventura. Reno, Nevada, and Houston, Texas, will also benefit from the Bank's AHP grants."

When looking for a home, potential homeowners, especially those with low-income households, should look for any local, regional, or national grant-based initiatives or programs that can help finance their home purchase or provide counseling.

Clicking on the picture Links below will open up a new window in your browser.

 "Qualify For At Least $25,000 In Free Grants!"

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