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68) Money To Fix Up
Apartment Buildings
Called “The Multifamily
Assisted Housing Reform
and Affordability Act”
and referred to as
Program #14.197 in the
Catalog of Federal
Domestic Assistance it
provides grants to
retain critical
affordable housing
resources represented by
the supply of
FHA-insured Section 8
assisted housing and
maintain it in good
physical and financial
condition while, at the
same time, reducing the
cost of the ongoing
Federal subsidy. In
carrying out the
Program, HUD works with
willing participating
administrative entities
(PAEs), owners and
lenders to reduce
Section 8 rents and
operating expenses to
true market levels and
also provide for the
project's capital
improvement needs.
Contact your local
office of the U.S.
Department of Housing
and Urban Development at
www.hud.gov/local
Many programs for
housing assistance also
come from state, local
and non-profit sources.
The following are a
sampling of these
programs:
Home Grants Program up to $10,000...
This is a non-repayable
grants/gifts program
available to first-time
homeowners to cover down
payment and closing
costs. Also provided are
free Homebuyer Education
Courses, free Balanced
Budget Spending Plans,
free Credit Counseling
Services as well as Post
Purchase and
Homeownership
Maintenance Counseling
to any resident in North
Carolina. Income is not
a limiting factor;
however, all applicants
are required to take the
two educational courses
provided by Home Grants.
In order for a grant
recipient to use Home
Grants’ funds, they must
be approved for an
acceptable loan product
that permits charitable
organizations to provide
gift funds. Contact:
North Carolina Housing
Assistance; (704)
385-3973;
www.northcarolinahousing.org
If the
local office does not know
what you are talking about
contact the main office at :
Single Parents Pay Only 1% For New Home…
Gift down payments are
provided for first-time
homebuyers or for those
families who have grown
and need a larger home.
Emphasis is placed on
single mothers and
first-time homebuyers.
There are no income,
asset or citizenship
requirements in the
qualification process;
however, the home must
be used as the primary
residence and homebuyers
must attend the free
counseling and education
classes offered by the
program. Up to 7.5% of
the purchase price is
available for down
payment costs or other
costs associated with
the purchase of the
home. This is a
nationwide organization.
Contact:
Home Buyers Association
Fund,
288 South Main Street, Suite 300, Alpharetta, GA 30004; (866) 521-HBAF; www.hbaf.org $500,000 to Develop Housing Projects
As part of the
“Commonwealth Fund,”
DHCD offers gap-finance
lending to non-profit
developers to assist with hard-to-develop affordable housing projects. This includes targeting work being done by Public Housing Authorities, experienced non-profit developers, and local governments that focus on underserved, special needs markets, and certain targeted areas of the state. These loans are being issued at low-interest rates (as determined on a project-by-project basis) to create lower blended-interest rates to make these projects feasible where traditional funding would not allow otherwise. A maximum of $500,000 per project is available. To determine eligibility, all non-profit organizations should send a brief description of the project to DHCD. A list of participating organizations can be obtained directly from DHCD. Contact: Virginia Department of Housing and Community Development, The Jackson Center, 501 North Second Street, Richmond, VA 23219-1321; (804) 371-7000; Fax: (804) 371-7091; {http://www.dhcd.vipnet.org/HOUSING/CPHF.htm}; {KEVIN.HOBBS@dhcd.virginia.gov} Loans You Don't Have To Pay Back for Plumbing Needs
The Indoor Plumbing
Rehabilitation (IPR)
Program provides
zero-interest,
forgivable loans in
certain localities for
the installation of
indoor plumbing to
owners of substandard
housing where indoor
plumbing does not exist,
or where the existing
water delivery or waste
disposal systems have
failed. The program also
provides for the general
rehabilitation of these
units and for
accessibility
improvements to units
occupied by persons with
disabilities or where
overcrowded conditions
exist. Loan repayments
are determined by the
homeowner's ability to
make payments. Plumbing
measures are carried out
by locally appointed
sub-contractors. For a
list of local IPR
administrators or to
find out more about this
program, visit DHCD's
website.
Contact: Virginia Department of Housing and Community Development, The Jackson Center, 501 North Second Street, Richmond, VA 23219-1321; (804) 371-7000 or (804) 371-7061; {http://www.dhcd.vipnet.org/CD/IPR/default.htm}; {VLSH@dhcd.virginia.gov} Money For Your New Home in One Hour…
The
Neighborhood
Gold
Downpayment
Assistance
Program
helps
families
purchase
a home
in the
neighborhood
of their
choice
with no
money
down.
Neighborhood
Gold
works
with The
Buyers
Fund,
Inc. a
non-profit
organization,
to
provide
prospective
homeowners
with
gift
money to
cover
downpayment
requirements
and
closing
costs.
To
receive
a grant,
a buyer
should
work
with a
lender
to
obtain a
mortgage
that
allows
downpayments
in the
form of
a
charitable
gift. If
a buyer
is
approved
for a
loan, he
or she
can
receive
Neighborhood
Gold
gift
funds,
regardless
of
income
level.
The
mortgage
professional
fills
out the
grant
application,
and will
receive
a gift
letter
from us
within
ONE
HOUR.
Neighborhood
Gold has
local
representatives
who can
offer
assistance
in the
application
process
and
answer
any
questions
before,
during
and
after
the
homebuying
process.
As part
of the
grant,
Neighborhood
Gold
offers a
the
Mortgage
Payment
Protection
Plan,
which
covers
up to
six
months
of
payments
and may
make it
easier
for a
program
participant
to
attain
mortgage
financing
for the
home of
their
dreams.
Any
hitches?
Like
most
downpayment
assistance
programs,
the
seller
must
agree to
pay to
Neighborhood
Gold a
service
fee
equal to
the
grant
amount
plus a
percentage
rate of
home
price
determined
by
location.
Don’t
have a
home
picked
out or
don’t
know
where to
start?
Neighborhood
Gold
will
refer
potential
clients
to a
real
estate
professional
who has
worked
with the
program
before.
Contact:
www.neighborhoodgold.com
Grants To Help Pay the Rent…
The
Housing
Assistance
Program
(HAP) of
the
California
Dept. of
Housing
and
Community
Development
provides
direct
grants
to very
low-income
households
to
assist
with
rental
payments.
HCD
administers
this
program
in
conjunction
with
local
nonprofit
organizations
in 12
rural
counties
in
California:
Alpine,
Amador,
Calaveras,
Colusa,
Glenn,
Inyo,
Modoc,
Mono,
Sierra,
Siskiyou,
Trinity
and
Tuolumne.
To be
eligible
households
must
earn
less
than 50%
of the
area
median
income.
For
information
on HAP,
rental
assistance,
and
local
nonprofit
partners
in your
area,
call
916-324-7696
or see
www.hcd.ca.gov/ca/hap/
Teacher Retirement System Enrollees Eligible for $667,400 for Real Estate……Participants in the California State Teachers Retirement System can use the CalSTRS Home Loan Program to refinance their existing home loan or to buy a new home. Loans are made in amounts of up to $667,400 (or 95% loan to home value) and feature 15 to 30 year terms. Interest rates are typically below market. Eligible properties include single-family homes, cooperative apartments and condos, as well as two to four-unit dwellings. See www.calstrs.com/Members/home%20loan%20program/hlpsummary.php.$1.3 Million For California State Employees To Buy Real Estate… All active, inactive, and retired members of the California Public Employees Retirement System, the Legislators' Retirement System, the Judges' Retirement System, and the Judges' Retirement System II are eligible to participate in the CalPERS Conventional Home Loan program, one of several loan programs offered by the system. The conventional program offers 10 to 30-year conventional fixed-rate mortgage loans up to a maximum of 97% loan to value, or $1,334,800 (with certain restrictions). A CalPERS conventional or government home loan may be used for one to four-unit owner-occupied residences, condominiums, and Planned Unit Developments (PUD). Applicants can lock in an interest rate for 60 days. The program can also be used to refinance an existing mortgage, with certain restrictions. For more information seewww.calpers.ca.gov/index.jsp?bc=/member/homeloan/approved-lenders/home.xml. Real state grant help with Mathew Lesko | Page 2 | Page 3 | Page 4 Page 5 | Page 6 | Page 7 | Page 8 | Page 9 | Page 10
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