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We are new home builders that want to build affordable homes, are there grants or construction loans to help get these homes started?

asked 2016-05-02 15:52:46 -0800

updated 2016-05-02 20:40:58 -0800

Corey gravatar image

Local Residential Contractor in Charlotte County FL also Realtors. Trying to find construction grants and loans to get back to building affordable family and retirement, small homes for under $150,000. Market Research shows there is no affordable rentals or homes for sale. We are new home builders that want to build affordable homes, are there grants or construction loans to help get these homes started?

Thanks!

Pat Stevens
Stevens Contracting, LLC

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answered 2016-05-03 13:41:39 -0800

Corey gravatar image

Sounds like a great project, hope this information will help you. The department of Housing and Urban Development provides Block Grants to states and the biggest one I think is for the Home Investment Partnership Program (HOME). States and communities use the money, sometimes in partnership with non-profits, for a number of activities but one of them is building or rehabilitating housing for low income people. Unless you're a non-profit you probably can't get such grants directly, but if you can identify non-profits in your area who receive such grants you might be able to get financial help with the cost of building such homes.

I would suggest that you contact your nearest Federal Housing Agency to see if they have information about non-profits which have received grants to increase low-income housing availability. Also check the website for your state and county and see if you can find any iformation about grants. 

If you could partner with a non-profit agency, you might be able to team up and apply for a grant. This article about grants for non-profits might also be helpful.

 

 

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