HUD Awards $13.5 Million in Grants to Expand Access to Homeownership Opportunities
- Author: Aubrey Sipes
- Posted: 2024-10-16
These "sweat equity grants" are aimed at facilitating homeownership opportunities, with four housing providers set to construct or rehabilitate 445 homes for low-income first-time homebuyers through HUD's Self-Help Homeownership Opportunity Program (SHOP).
You may access the link to grant summaries here.
Bringing Dreams to Reality
HUD Acting Secretary Adrianne Todman expressed the Department's dedication to investing in homeownership and creating affordable pathways for Americans to own their first homes.
Acting Secretary Todman highlighted how the SHOP program, funded by HUD, along with the invaluable help of volunteers and the sweat equity contributed by buyers, is critical in making homeownership achievable for many individuals and families.
Empowering Communities through SHOP Grants
Principal Deputy Assistant Secretary Marion McFadden, speaking at a Habitat for Humanity Build event in Nashville, Tennessee, emphasized the impact of SHOP grants in enabling individuals of modest means to achieve homeownership.
These grants are vital in meeting the national demand for new homes and promoting community well-being by providing affordable housing options. The SHOP program provides federal grants to experienced non-profit organizations to facilitate self-help homeownership housing programs.
Since its inception in 1996, SHOP has allocated over $457 million in federal grants, contributing to the production of more than 33,000 affordable homeownership units. These units are accessible to first-time homebuyers from underserved groups through sweat equity contributions and volunteer labor.
Building Affordable Homes through Sweat Equity
Homebuyers participating in SHOP programs contribute sweat equity towards the development of their units, effectively reducing the purchase price and ensuring affordability for low-income buyers. Sweat equity requirements include a minimum of 100 hours for households of two or more individuals and 50 hours for single-person households.
Volunteer labor contributions from the community are also essential, encompassing various construction tasks vital to completing the housing units.
Through the collaboration between HUD, non-profit housing providers, volunteers, and homebuyers, the SHOP program continues to make strides in advancing homeownership for those in need.
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Source:
https://www.hud.gov/press/press_releases_media_advisories/HUD_No_24_070
