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Fiscal Year 2023 Homeownership Initiative

ID: FR-6700-N-90 • Type: Posted

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'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).

Background
The U.S. Department of Housing and Urban Development (HUD) issues the Notice of Funding Opportunity (NOFO) for the Fiscal Year 2023 Homeownership Initiative Grant to bridge the homeownership gap by increasing homeownership rates among Underserved Communities. 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’s personal and financial circumstances.

Grant Details
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 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.

Eligibility Requirements
Eligible applicants include Intermediaries or Multi-State Organizations approved to participate in the HUD Housing Counseling Program prior to the NOFO publication date. In addition, State Housing Finance Agencies are eligible 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.

Period of Performance
The estimated project start date is 10/01/2024 with an estimated project end date of 03/31/2025.
The period of performance for grants awarded under this program will be for a period of 18 months.

Grant Value
Funding of approximately $10,000,000 is available through this NOFO with an expectation to make approximately 30 awards from the funds available.
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Overview

Agency
Department of Housing and Urban Development (HUD)
Category of Funding
Housing
Funding Instruments
Grant
Grant Program (CFDA)
14.022 - Housing Counseling Program Homeownership Initiative
Grant Category
Discretionary
Cost Sharing / Matching Requirement
False
Source
Grants.gov
On 3/5/24 the Department of Housing and Urban Development posted grant opportunity FR-6700-N-90 for Fiscal Year 2023 Homeownership Initiative with funding of $10.0 million. The grant will be issued under grant program 14.022 Housing Counseling Program Homeownership Initiative. It is expected that 30 total grants will be made worth between $1 and $3.0 million.

Timing

Posted Date
March 5, 2024, 12:00 a.m. EST
Closing Date
April 9, 2024, 12:00 a.m. EDT Past Due
Last Updated
March 19, 2024, 9:36 a.m. EDT
Version
2
Archive Date
April 30, 2024

Eligibility

Eligible Applicants
Others (see text field entitled "Additional Information on Eligibility" for clarification)
Additional Info
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.

Award Sizing

Ceiling
$3,000,000
Floor
$1
Estimated Program Funding
$10,000,000
Estimated Number of Grants
30

Contacts

Contact
Dorthera M Yorkshire Program Analysis
Contact Email
housing.counseling@hud.gov   Profile
Email Description
Email for questions related to tihs NOFO
Contact Phone
(202) 402-4336
Additional Information
HUD exchange
Additional Information Site
https://www.hudexchange.info/programs/housing-counseling/nofa/

Documents

Posted documents for FR-6700-N-90

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