HUD Sweat Equity Grants to Help Build 718 Homes

The Department of Housing and Urban Development has given four organizations a total of nearly $13 million in grants that will end up creating at least 718 affordable homes.

HUDs Self-Help Homeownership Opportunity Program supplied the money and the labor contributed by the homebuyers and numerous volunteers.

Today, we make another investment in the American Dream for hundreds of working families, said HUD Secretary Shaun Donovan. Using their own labor, along with sweat equity from armies of volunteers, these families will construct their own homes and become stakeholders in their own neighborhoods.

Habitat for Humanity International received over $7.7 million, followed by Housing Assistance Council, $2.8 million; Community Frameworks, $1.6 million; and Tierra del Sol, $667,000.

The SHOP grants must be used to purchase land and make necessary infrastructure improvements, which together may not exceed an average SHOP investment of $15,000 per dwelling unit. Leveraged funds must be used for the construction or rehabilitation of these homeownership units.

Article source: http://www.nationalmortgagenews.com/dailybriefing/hud-sweat-equity-grants-to-help-build-718-homes-1038485-1.html

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