I'm glad you found the material that I posted to be useful. I have
gathered some more info for you on "sweat equity" programs.
As I mentioned above, the U.S. Department of Housing and Urban
Development's Self-help Homeownership Opportunity Program (SHOP)
provides grants that enable low-income Americans to own homes which
they helped build.
"SHOP funds are used for eligible expenses to develop decent, safe and
sanitary nonluxury housing for low-income persons and families who
otherwise would not become homeowners. Homebuyers must be willing to
contribute significant amounts of their own sweat equity toward the
construction of the housing units."
Department of Housing and Urban Development: SHOP
http://www.hud.gov/offices/cpd/affordablehousing/programs/shop/index.cfm
More information about SHOP and about its grantees may be found on the
page linked above.
"Low-income families willing to invest some sweat equity toward home
ownership will get a boost with $6.3 million in new grants from the
Department of Housing and Urban Development.
Under sweat equity programs, homebuyers volunteer their own labor to
help build their homes to lower the purchase price...
The HUD grants will provide subsidies averaging up to $10,000 per home
to pay some of the costs of buying land for each house, 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."
Home and Garden Television: Sweat Equity Programs
http://www.hgtv.com/hgtv/ah_real_estate_mortgages/article/0,1801,HGTV_3161_1374478,00.html
"No experience? No problem. Skilled or unskilled consumers can take
hold of their own future in the hands-on approach to homeownership
called "sweat equity." Though the requirements of individual programs
vary, all sweat-equity programs demand that the future homeowner and,
if possible, other family members spend a specific amount of time
building their home or rehabilitating a property that will become
their future residence. All the potential participants need is a
willingness to work toward a better future. Sweat equity offers hope
to families who otherwise would be denied the chance for the wealth
and security afforded by owning a home, program officials say."
InfoManage Forums: 'Sweat equity' works people into houses
http://www.infomanage.com/forums/showthread.php?t=5470
"Some programs allow for homebuyers to participate in the building or
renovation of their home. The hours of labor they spend working on the
home is referred to as their 'sweat equity.' They are contributing
their labor, which helps lower the cost of providing the housing and
serves as at least part of their investment in the housing. Two...
groups that incorporate sweat equity into their homebuying programs
are Habitat for Humanity and ACORN."
Coalition for Nonprofit Housing and Economic Development: Homebuyer Tools
http://www.cnhed.org/my/shared/custompage/custompage.jsp?_event=view&_id=445505_c_sU127242_s_i135950
My Google search strategy:
Google Web Search: "sweat equity programs"
://www.google.com/search?hl=en&q=%22sweat+equity+programs
The search term "sweat equity" was very helpful in finding information
about the kind of program you mentioned. I was aware of the term
"sweat equity" because I was once a volunteer on a Habitat for
Humanity team that helped build and remodel houses for low-income
people. The prospective homeowners worked harder than any of us, and
it was immensely satisfying, at the end of a project, to see these
folks and their children enjoying the new homes that they had helped
to build.
If anything in my answer is unclear or incomplete, please request
clarification; I'll be glad to offer further assistance before you
rate my answer.
Best regards,
pinkfreud |
