The Housing Preservation Grant (HPG) program provides grants
to sponsoring organizations for the repair or rehabilitation
of low- and very low-income housing. The grants are competitive
and are made available in areas whnere there is a concentration
of need.
Those
assisted must own very low- or low-income housing, either
as homeowners, landlords, or members of a cooperative. Very
low income is defined as below 50 percent of the area median
income (AMI); low income is between 50 and 80 percent of AMI.
Eligible sponsors include state agencies, units of local government,
Native American tribes, and nonprofit organizations.
HPG
funds received by the sponsors are combined with other programs
or funds and used as loans, grants, or subsidies for recipient
households based on a plan contained in the sponsor's application.
Funds must be used within a two-year period.
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The objective of the HPG program is to repair or rehabilitate
individual housing, rental properties, or co-ops owned and/or
occupied by very low- and low-income rural persons.
Housing Preservation
Grant assistance is available from grantees to assist very-low
and low-income homeowners to repair and rehabilitate their
homes. Assistance is also available to rental property owners
to repair and rehabilitate their units providing they agree
to make such units available to very-low and low-income families.
Financial assistance provided by the grantee may be in the
form of a grant, loan, interest reduction on commercial loans,
or other comparable assistance.
The
population limit of towns served is 20,000.
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