OpportunityTitle: Fiscal Year 2023 Homeownership Initiative
AdditionalInformationOnEligibility: 1. Eligible applicants must satisfy the following criteria: Applicant must bean Intermediary or Multi-State Organization (as defined by 24 C.F.R. 214.3) approved to participate in the HUD Housing Counseling Program prior to the NOFO publication date. In addition, State Housing Finance Agencies are eligible for this NOFO if they possess statutory authority to provide housing counseling throughout their state and adhere to all program requirements outlined in 24 C.F.R. Part 214, HUD Housing Counseling Handbook 7610.1, and other governing policies and requirements. experienced providing pre-purchase counseling and post-purchase counseling directly or through its Subgrantees and/or Branches.HUD will use its own records to determine eligibility.2. Limit on Applicants and Subgrantees: Applicants and Subgrantees are prohibited from receiving this grant funding from multiple sources.
Description: 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&#8217;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).
GrantorContactEmailDescription: Email for questions related to tihs NOFO
GrantorContactText: Melissa Noe