HUD Awards $13.5 Million In SHOP Grants

Posted by Orb Staff on June 15, 2012 No Comments
Categories : Residential Mortgage

11791_hud HUD Awards $13.5 Million In SHOP Grants The U.S. Department of Housing and Urban Development (HUD) has awarded $13.5 million in grants through its Self-Help Homeownership Opportunity Program (SHOP) to produce at least 741 affordable homes for low-income working families and individuals.

According to HUD, the SHOP grants must be used to purchase land and make necessary infrastructure improvements, which may not exceed an average $15,000 per dwelling unit. Leveraged funds must be used for the construction or rehabilitation of these homeownership units. Grantees may carry out activities directly and/or distribute SHOP funds to local nonprofit affiliates that will develop the SHOP units, select home buyers, coordinate the home buyer and volunteer efforts, and assist in the arrangement of interim and permanent financing for the home buyers.

Furthermore, all newly constructed units created under this program will receive certification as an ENERGY STAR-Qualified New Home, and all appliances and products or features that are installed or replaced will be ENERGY STAR qualified.Â

The organizations receiving the SHOP grants are Habitat for Humanity International ($6.6 million), Housing Assistance Council ($4.2 million), Community Frameworks ($1.9 million) and Tierra del Sol – Western States Housing Consortium ($653,600).

‘These grants are about families devoting their own sweat and labor into their American Dream,’ says HUD Secretary Shaun Donovan. ‘With the help of these organizations and armies of volunteers, families are able to see that dream become reality brick by brick.’

Register here to receive our Latest Headlines email newsletter




Leave a Comment