Fiscal Year 2023 Homeownership Initiative
Closed Posted
- Opportunity number
- FR-6700-N-90
- Applications due
- Award size
- Up to $3,000,000
Opportunity facts
- Assistance listings
- Funding instrument
- Grant
- Category
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- Housing
- Eligible applicants
-
- Other
- Full announcement
Opportunity details come from Grants.gov. Updated .
About this opportunity
The Department of Housing and Urban Development (HUD) is offering the Fiscal Year 2023 Homeownership Initiative (HI) grant to increase homeownership rates among Underserved Communities. HUD-approved Intermediaries, Multi-State Organizations, and State Housing Finance Agencies are eligible to apply for Fixed Amount Awards to provide Culturally Sensitive, Linguistically Appropriate Housing Counseling. The counseling aims to improve the likelihood that households are ready for the legal and financial responsibilities of homeownership and that mortgage terms are well-matched to their circumstances. Eligible activities include pre-purchase counseling on property law and homeownership assistance programs, as well as post-purchase counseling on home maintenance, repair, and mortgage relief. Applications are due by April 9, 2024, and will be evaluated based on factors such as organizational capacity and past performance.
Approximately $10 million in funding is available, with HUD expecting to make around 30 awards. The period of performance is 18 months, starting October 1, 2024. The funding is provided under the Housing Counseling Program (CFDA 14.022), and all counseling and follow-up must be provided in accordance with the Housing Counseling Program regulations.
Synopsis
The Homeownership Initiative (HI) helps to bridge the homeownership gap by increasing homeownership rates among Underserved Communities. HUD-approved Intermediaries, Multi-State Organizations, and State Housing Finance Agencies will receive Fixed Amount Awards to provide Culturally Sensitive, Linguistically Appropriate Housing Counseling that results in home purchase, mortgage origination, and preservation of ownership. The purpose of this housing counseling is to improve the likelihood that a household is ready for the long-term legal and financial responsibility of homeownership and that terms and conditions of a mortgage are well-matched with the household's personal and financial circumstances. The scope of pre-purchase counseling includes awareness of state and local property law and homeownership assistance programs, such as down payment and closing cost assistance, gap financing, and sweat equity. The scope of post-purchase counseling includes home maintenance, repair, and safety to preserve the property and mortgage relief programs to preserve ownership where feasible.
All counseling and follow-up must be provided in accordance with the Housing Counseling Program regulations (24 C.F.R. Part 214).
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