The affordability crisis is going strong and only continues to worsen as the housing stock is unable to keep up with the rising demand.
The U.S. Department of Housing and Urban Development announced it will invest $10 million to develop 538 affordable homes.
HUD announced that in an effort to help more working families become homeowners, it will award $10 million in grants to four non-profit housing organizations, which will create at least 538 affordable homes for low-income families and individuals.
HUD’s Self-Help Homeownership Opportunity Program, these grants, along with the labor contributions from homebuyers and volunteers, will significantly lower the cost of construction, thus making homeownership a reality for families who otherwise would not be able to afford to buy a home.
“These non-profits receiving grants are making a positive impact in communities across the country through the strong partnerships they have formed between the public and private sector,” said David Woll, HUD principal deputy assistant secretary for community planning and development. “These grants, in conjunction with volunteer work and private donations, will help make the dream of homeownership a reality for more families.”
Here are the four places the grants will be awarded to, how much each one will receive and more on the project each non-profit will be working on:
Habitat for Humanity International, Inc. will receive a Self-Help Homeownership Opportunity Program grant award in the amount of $5,421,011. HFHI is a private, non-profit, ecumenical Christian organization that has assisted Habitat affiliates in building and rehabilitating more than 100,000 self-help homeownership housing units in partnership with low-income people in the U.S. since 1976. Habitat’s mission is carried out locally by approximately 1,251 subordinate self-help homeownership housing organizations within a specific geographic service area. This grant award will be used to complete a minimum of 289 SHOP units. Completed units will be sold to low-income homebuyers who have contributed a significant amount of sweat equity toward the construction of their homes.
Housing Assistance Council will receive a Self-Help Homeownership Opportunity Program grant award in the amount of $1,307,014. HAC is a national non-profit self-help housing organization that will use its SHOP funds in primarily rural areas to facilitate and encourage innovative homeownership opportunities through the provision of self-help housing. Local affiliates will compete for SHOP funding from HAC. Each affiliate has the flexibility to design a program that meets the needs of its community. SHOP funds will be used to purchase land and make necessary infrastructure improvements that support the new construction of SHOP housing units. Completed units will be sold to low-income homebuyers who have contributed a significant amount of sweat equity toward the construction of their homes. The grant award will be used to complete a minimum of 70 SHOP housing units.
Community Frameworks will receive a Self-Help Homeownership Opportunity Program grant award in the amount of $1,121,868. CF is a regional non-profit self-help housing organization that serves the states of Idaho, Montana, Oregon and Washington. CF will make SHOP funds available to 16 affiliates to purchase land and make necessary infrastructure improvements that support new construction and rehabilitation of the SHOP units. Each affiliate has the flexibility to design a program that meets the needs of its community. Grant award funds will be used to complete a minimum of 60 SHOP housing units.
Tierra del Sol Housing Corporation will receive a Self-Help Homeownership Opportunity Program grant award in the amount of $2,150,107. TDS is a regional housing community development corporation with the purpose of improving the quality of life and economic conditions of low-income persons residing in distressed and underserved communities, by providing affordable housing and community development through construction activities, lending, training and employment opportunities. The grant award will be used to complete a minimum of 119 SHOP units.
