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The down payment can help fund new housing or the rehabilitation of a family's existing housing. [2] Building or rehabilitation of housing for rent or ownership – In this type of activity, HOME funds may fund the building of housing units that the government provides to low-income families. The families either pay a monthly rent or may ...
Section 504 Home Repair Program – This program provides loans and grants to low-income and elderly homeowners, respectively, to help cover the cost of repairing or modernizing their single ...
Federal first-time homebuyer programs: Loans and programs backed or offered by the federal government State, non-profit and employer-sponsored programs: Homebuying assistance at the local level
Local government grants are offered by counties, cities, and municipalities to support local initiatives. These grants often target community-specific needs, such as housing, transportation, public safety, and cultural programs. Local governments may also pass through federal and state grant funds to local organizations.
Categorical grants may be spent only for narrowly defined purposes and recipients often must match a portion of the federal funds. [citation needed] Block grants combine categorical grants into a single program. Examples of this type of grant includes the Community Development Block Grant and the Alcohol, Drug Abuse, and Mental Health Services ...
The Office of Community Planning and Development is an agency within the United States Department of Housing and Urban Development (HUD). The office administers the grant programs that help communities plan and finance their growth and development, increase their capacity to govern, and provide shelter and services for homeless people.
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The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.