$10 Million in Grants to Aid Homeownership

construction-spending-misses-expectations-falls-06The U.S. Department of Housing and Urban Development – HUD announced Wednesday that it is awarding $10 million in grants to four non-profit organizations that will create homes for hundreds of families.

These grants are known as “Sweat Equity” grants, which combine efforts and labor from volunteers and homebuyers themselves.   The non-profit organizations recipients of these grants are: Community Frameworks  ($540,000),   Habitat for Humanity International   ($6.21 million),   Housing Assistance Council   ($1.56 million), and   Tierra del Sol    (Western States Housing Consortium, $1.68 million).

Homebuyers are required to contribute a minimum number of “Sweat Equity” hours toward the building and development of their own homes as participation for this self-help homeownership programs, according to HUD. The minimum sweat equity requirement is 100 hours for a household consisting of two or more persons and 50 hours for a household consisting of one person.

Community volunteers labor participation is also required. Sweat equity and volunteer labor includes any number of activities related         to the construction of a home such as painting, carpentry, foundation work, drywall, trim work, roofing, or siding, among others.

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