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First-Time Homebuyer Grant Programs: Difference between revisions
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(Created page with "{{Program |ProgramName=First-Time Homebuyer Grant Programs |ProgramType=Program |OrgSponsor=Office of Housing |TopOrganization=Department of Housing and Urban Development |CreationLegislation=Housing and Community Development Act of 1974 (Public Law 93-383), National Housing Act of 1934 (Public Law 73-479) |Purpose=First-Time Homebuyer Grant Programs, primarily administered by the U.S. Department of Housing and Urban Development (HUD) through its Office of Housing, provi...") |
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|TopOrganization=Department of Housing and Urban Development | |TopOrganization=Department of Housing and Urban Development | ||
|CreationLegislation=Housing and Community Development Act of 1974 (Public Law 93-383), National Housing Act of 1934 (Public Law 73-479) | |CreationLegislation=Housing and Community Development Act of 1974 (Public Law 93-383), National Housing Act of 1934 (Public Law 73-479) | ||
|Purpose=First-Time Homebuyer Grant Programs, | |Purpose=First-Time Homebuyer Grant Programs, run by HUD’s Office of Housing, aid new buyers with grants and loans for down payments, boosting affordable homeownership for low-income families. | ||
|Website=https://www.hud.gov/buying | |Website=https://www.hud.gov/buying | ||
|ProgramStart=1974 (expanded through various acts) | |ProgramStart=1974 (expanded through various acts) | ||
|InitialFunding=$100 million (initial HUD funding for related programs) | |InitialFunding=$100 million (initial HUD funding for related programs) | ||
|Duration=Ongoing | |Duration=Ongoing | ||
|Historic= | |Historic=No | ||
}} | }} | ||
The '''First-Time Homebuyer Grant Programs''', established under the Housing and Community Development Act of 1974 and expanded through acts like the National Housing Act of 1934, are administered by the Department of Housing and Urban Development (HUD) through its Office of Housing, in collaboration with state and local housing agencies, to provide financial assistance to eligible individuals, allocating over $50 billion since inception to support approximately 1.5 million homebuyers annually by 2025. Initially supported with $100 million in related HUD programs, it has grown to distribute $2.5 billion in FY 2024 across thousands of awards, funding initiatives like down payment assistance, mortgage credit certificates, and closing cost support nationwide.<ref>{{cite web |url=https://www.hud.gov/buying |title=Buying a Home |publisher=U.S. Department of Housing and Urban Development}}</ref> Despite its impact, challenges like funding limitations, eligibility restrictions, and regional disparities persist (web ID: 2), but it remains a cornerstone of HUD’s homeownership efforts. | The '''First-Time Homebuyer Grant Programs''', established under the Housing and Community Development Act of 1974 and expanded through acts like the National Housing Act of 1934, are administered by the Department of Housing and Urban Development (HUD) through its Office of Housing, in collaboration with state and local housing agencies, to provide financial assistance to eligible individuals, allocating over $50 billion since inception to support approximately 1.5 million homebuyers annually by 2025. Initially supported with $100 million in related HUD programs, it has grown to distribute $2.5 billion in FY 2024 across thousands of awards, funding initiatives like down payment assistance, mortgage credit certificates, and closing cost support nationwide.<ref>{{cite web |url=https://www.hud.gov/buying |title=Buying a Home |publisher=U.S. Department of Housing and Urban Development}}</ref> Despite its impact, challenges like funding limitations, eligibility restrictions, and regional disparities persist (web ID: 2), but it remains a cornerstone of HUD’s homeownership efforts. | ||