{"id":9680,"date":"2021-04-12T09:15:49","date_gmt":"2021-04-12T13:15:49","guid":{"rendered":"https:\/\/www.grantwatch.com\/grantnews\/?p=9680"},"modified":"2021-04-12T15:09:12","modified_gmt":"2021-04-12T19:09:12","slug":"federal-grant-program-for-low-income-housing-double-funded-in-2021","status":"publish","type":"post","link":"https:\/\/www.grantwatch.com\/grantnews\/federal-grant-program-for-low-income-housing-double-funded-in-2021\/","title":{"rendered":"Federal Grant Program for Low-Income Housing Double-Funded in 2021"},"content":{"rendered":"\n

One of the topics that we’ve covered here at GrantNews is affordable housing. After all, safe and secure housing is so critical to the quality of life. This is why nonprofits and government agencies can apply for grants to help struggling families with this need. Some of these grants come from federal housing programs. During the global pandemic, which has seen high unemployment in many states, this has never been more crucial. And that’s why, according to the U.S Department Department of Housing and Urban Development, one such federal program doubled this year. <\/p>\n\n\n\n

(And while we’re talking about affordable housing news, here’s a grant for Oregon nonprofits, educational institutions, and agencies to provide affordable housing.<\/a>) <\/p>\n\n\n\n

Federal Program Doubled To Help More Low-Income Families<\/h2>\n\n\n\n

So, how much funding is this federal program (The Housing Trust Fund) receiving this year? <\/p>\n\n\n\n

Why is it receiving more than double the amount as last year? <\/p>\n\n\n\n

How can the funds be used?<\/p>\n\n\n\n

Who will be receiving these funds? <\/p>\n\n\n\n

And why is all of this so important? <\/p>\n\n\n\n

Housing Grant Program Poised to Help States Help Citizens <\/h3>\n\n\n\n

So, let’s make sure we hit all of these questions. Firstly, the total amount allocated for this program in 2021 is $689,565,492, more than double the $322,564,267 than the prior year. Part of the reason has to do with the mortgage boom. When rates fell earlier this year, many homeowners chose to refinance their mortgages. And, there’s also a housing problem caused by the COVID-19 pandemic. Housing prices continue to rise<\/a> all over the country and supply is scarce. <\/p>\n\n\n\n

Here’s what U.S Secretary for Housing And Urban Development Marcia Fudge had to say about this program increase: “This past year has reminded us just how important it is to have access to safe and stable housing. But too many Americans are struggling to keep or find an affordable home.”<\/p><\/blockquote>\n\n\n\n

The Housing Trust Fund<\/a> was created in 2008 in the wake of a massive economic crisis and recession. Part of this crisis was caused by sub-prime loans that banks used to charge lower-income individuals high tax rates, which led to major defaults. The Housing Trust Fund started making payments to states in 2016. <\/p>\n\n\n\n

Here’s a bit on how it works:<\/strong> The grants are awarded directly to state governments. Each state that receives a grant must spend 80% of each yearly grant for rental housing, and 10% for homeownership. The rest will be spent on administrative and planning costs. The fund can be used for: <\/p>\n\n\n\n