Real Estate Grants
There are grant funds available for real estate grants. The government, private corporations and foundations give real estate grants. Each grant has specific guidelines and requirements and amounts of funding available vary. You can search a grant directory online under real estate grants to find individual, investor, small business and organizational grants. There is no limit to the number of grants you can apply for, and grants do not have to be repaid. Since the money is not considered a loan, there are no credit checks and income verifications like you have to provide when you take out a real estate loan to purchase a home or investment property. Typically grants can be used for first time home buyers, repairs, home improvements, investments, neighborhood economic development, research, training, technical assistance, for surveys and construction. Federal grants are given to organizations, state and local governments and financial institutions as opposed to individuals to assist non-profits who work with local developers to provide low income housing, minority housing such as Hispanic or African American housing, senior housing projects. Grant monies are also given to non-profits to help distressed home buyers avoid foreclosure, provide down payment money for low income people to purchase property or investors to rehab property.
Home Improvement Grants
For instance, funds may be available in your community for home improvement repairs. Home improvement grant monies can be used for repairs or materials. Organizations, state and local community governments work with non-profits who assist buyers and investors with funds to purchase a home, for home improvements or home repairs. This in turn improves the value of the property and the municipality benefits from increased real estate tax revenues.
There may be grant money available for investors to purchase and build low income housing or senior housing projects. Some investors partner with government agencies by offering their services and expertise. Funds are also offered for green projects for investors to purchase dilapidated property, and fix the property up to make it environmentally safe and healthy using green materials and technology.
Grant monies may be available for homeowners facing foreclosure. The grant money is given to non-profit housing organizations or groups who in turn help distressed homeowners keep their home by giving them funds to help pay their delinquent mortgage to avoid foreclosure.
Tips for Obtaining Funding
Always read the funder’s guidelines carefully to make sure their funding criteria meets your needs and programs. Start your application early because funds are limited. Get your application in on time and preferably early in case you forgot to complete something or the funder wants additional information. You will have to wait for the funder’s board or program executive director to review the application and make an award decision. There is no guarantee that you will receive a real estate grant, but you may get some money even if it is not the full amount. That is why it is always a good idea to apply to for several grants before you receive one.