Secretary Martinez has announced that President Bush's proposed 2003 budget will nearly triple the funding for "sweat equity programs" that help low-income families become first time homeowners.

"President Bush and I firmly believe that opening the door to homeownership to low-income families is the best way to capture the spirit of the American dream," said Martinez. "By tripling the funding to this program, thousands more families will be able to realize this dream and join the historic ranks of homeowners across the country."

Under the Administration's proposed Fiscal Year 2003 budget, funding for HUD's Self Help Homeownership Opportunity Program (SHOP) will increase from $22 million to $65 million and will dramatically expand opportunities for sweat equity programs that allow low-income families to contribute their own time and labor toward the construction of their future home.

SHOP grants are used to purchase land and make infrastructure improvements, primarily to build new homes. By contributing time and elbow grease, families join volunteers and contractors to construct or rehabilitate their homes

HUD's SHOP grants are competitively awarded based upon an organization's experience in managing a sweat-equity program. Other factors include identifying their community's needs, generating other sources of funding and the soundness of their program design.

Read the full news release.
Learn more about HUD's SHOP program.