|Home | En Español | Contact Us | A to Z|
HUD Archives: News Releases
CUOMO AWARDS NEARLY $6.3 MILLION TO HELP LOW-INCOME FAMILIES IN SWEAT EQUITY PROGRAMS TO BECOME HOMEOWNERS
WASHINGTON - Housing and Urban Development Secretary Andrew Cuomo today awarded nearly $6.3 million in grants to help low-income families involved in sweat equity programs to buy their own homes.
Under sweat equity programs, homebuyers volunteer their own labor to help build their homes to lower the purchase price.
Cuomo awarded the grants to three non-profit groups, which will in turn distribute funds to individual families. The groups are:
The HUD grants will provide subsidies averaging up to $10,000 per home to pay some of the costs of buying land for each home, and to pay some costs of infrastructure improvements such as water and sewer lines.
Families unable to afford a home and having incomes below 80 percent of the area median income are eligible to receive HUD assistance under the subsidy program, which is called the Self-Help Homeownership Opportunity Program.
"We are transforming homeownership from an impossible dream into a beautiful reality for people who work hard for low wages and are willing to help build their homes with their own hands," Cuomo said.
Father Joseph Hacala, Director for HUD's Center for Community and Interfaith Partnerships, made the grant announcements at a news conference and community development dialogue titled "Celebrating Successes and Exploring the Future of Capacity Building." The announcement and dialogue took place at HUD's Washington, DC Storefront Office.
Content Archived: January 20, 2009