The United States has been facing an economic slowdown, the economy is facing an economic crisis which is in fact affecting a lot of other countries. Because of this crisis, there would be times that we hoped that we could have something, like our own home, but uncertain on how to. If you would like to have your own home but circumstances prove to be difficult, then federal housing grants could be an option.
There would two types of federal grants that you can apply to:
• Urban Development Grants – this federal housing grant is to help low-income families to own their own home. But there are certain qualifications that you would have to meet before you are approved to have a federal grant. To apply for this grant, you would need to have a steady employment that would enable you to earn enough to pay the mortgage. The house should also qualify in the quality standards set and relatively less below the value cap.
• Rural Development Grant – this type of grant is for moderate-income earners in a rural area. The home should be in a rural area and should also meet the standards and requirements set. The same with the urban development grant, you are also required to have steady source of income, good credit history and should have enough money to pay the remaining costs.
The government is taking a step in further improving the possibilities of increasing the number of people living in their own homes. In 2009 about $11.5 billion is allocated by the government to federal grant money to help those who would need allocations.
Federal grant money allows the recipient to make a down payment immediately to the house that they want to buy. Aside from this, federal grants can also provide financing to those who would need home renovations. There are also block grants which would allow the grant recipient do some home repairs because of weatherization. This grant is formally known as the Community |Development Block Grant Program which extends support to both low and medium earners.
This fund can be used for community development activities, construction of school buildings, starting job creation/ retention activities, restoration and preservation of historic properties in some depressed neighbourhoods.
Federal grants for housing are available for businesses, non-profit and non-government organizations and even to individuals and their families. Information about the federal housing grants can be acquired first-hand by contacting the Department of Housing and Urban Development (HUD), they also have a website where housing grants can be checked. The Catalogue for Federal Domestic Assistance (CFDA) also offers a information about the housing grants.
Upon getting information about the federal housing grants, there are application forms readily available in the internet, or you can get the forms directly from the HUD office. Make sure to read the application thoroughly and complete it in the same way.
Follow the structure and format requested. Also provide the necessary information and documents required to make sure that it would be processed accordingly. There are grants which require the applicant to show up personally to complete the process. Make sure that you attend to the appointment and bring all the documents that you were instructed to bring.
If you are a tenant, they you can also ask if are legible for tenant assistance. There are grants that would provide you an allowance that would cover your household expenses. Your landlord needs to agree with you so that you would be able participate in the program and get the grant.
When applying for a federal grant, you would have to remember though, that it does not come “free” at all times. It also follows a set or rules and requirements that you would have to abide to, so that you would be able to receive the grant. Since not everybody is eligible to get the grant, it is important to know if you are qualified before you even apply.
Federal housing grants are made available to the public so that people would benefit from them, so start asking around and processing the application!