What Makes Housing Nonprofit Different?
Housing Nonprofit is a 501(c)3 not for profit. While we do realize the sale of homes is traditionally done for profit, we are instead doing it for the people. We assess no fees to the people, our costs are paid through donors, sponsors, and lenders who contribute to our research. Everything we make in excess of our costs is duly invested into creating more housing grants. Anyone can access our housing grants database for free by filling out the Uniform Housing Grants Application. Continue reading below for more details about housing grants and our services.
What are Housing Grants?
Housing Grants are cash, discounts, rebates or flexible terms towards the purchase of a home. The most effective Housing Grants create both immediate access to home ownership for renters and long term value for cities. To meet its objective, every grant has its own terms. No matter what the Housing Grant is, both grantee and grantor enter into an agreement with specific “use of funds”. That means any money granted to you must be used for a particular reason. Often housing grants go towards the down payment to purchase a home or reduce closing costs. For example, housing grants might be designated to pay interest on a loan. If you get this kind of grant your loan may be interest free. Another example, housing grants that pay your taxes for a given period of time. Tax breaks are widely available particularly to first time home buyers. Naturally the most popular housing grants are the forgivable kind. Many grants become forgivable after a period of time. For example, a state may offer a grant of $30,000 that is forgivable after 5 years of inhabiting the home. If you sell prior to that time the grant must then be paid back, but so long as you keep the home five years the grant is forgiven. That is but one example. There are many more available through the Uniform Housing Grants Application.
Who is Eligible for Housing Grants
Housing grants can be targeted toward specific populations, such as first-time homebuyers, active military personnel and veterans, teachers or first responders to name a few. Some housing grants are provided through for profit companies in exchange for your doing business with them. A large number of housing grants target people who make around the area median income. And yet many housing grants have no income limits at all. Those with no income limits are often part of broader economic development plans to attract residents to certain regions.
Why was Housing Nonprofit created
Housing Nonprofit was created because most people are not aware that these grants exist or don’t know where to find them specifically. That’s understandable because the terminology used to describe these products is not yet standardized. In addition, the term “housing grant” an only too apt description is often used by marketers to exploit people looking for such help. Ultimately, if you don’t know what you’re looking for you may never find this kind of help or may be taken advantage of by unscrupulous marketers. That’s why we have taken on this challenge to create an efficient gathering of public and private funding that runs without interference and reinvests its proceeds into providing more grants.
Do you charge?
We do not charge the people, although we do have expenses. Our costs are paid through donors, sponsors, and lenders who contribute to our research. Everything we make in excess of our costs is duly invested into creating more housing grants.
What is your relationship with lenders?
We do vigorous research into the intersection of public and private finance. Lenders work with us because we share our expertise in grants compliance. For the benefit of the home buyer, lenders must be approved by grant administrators before they can be part of a loan that includes a housing grant. In addition to compliance support we provide lenders with a comprehensive listing of housing grants to which they must be certified “approved lender” to participate. Lastly, lenders work with us because we are able to reduce their expenses by prequalifying buyers who fit their criteria.
What is an Award Letter?
An award letter is generated using the inputs which the user submits on the Uniform Housing Grants Application. The letter arrives via email by the next business day after the user has completed the form. The letter will detail which Housing Grants user is eligible for and the maximum amount available. This letter is delivered the next day to allow us to check results by hand since some sources of grants may only update their status periodically. We may have to reach out to the grant administrator in order to deliver the most accurate information to the user. Recipients of an award letter can also respond to that email with questions, feedback, or if they want to speak with a supervisor at Housing Nonprofit directly.
What sources do you use in your database?
Our research on grants was created from the ground up with data from The US Department of Housing and Urban Development, state Housing Finance Agencies (HFAs), local government portals, mortgage lenders, other nonprofits, and expert peer reviewed research. Our results span every county across the United States so anyone can check their eligibility for public funding using the Uniform Housing Grants Application. We also take care not to include any grants that are part of a marketing scheme or don’t lead to any tangible support to purchase a home.
Why do I have to provide my personal information?
We have to ask for some personal information to check eligibility for Housing Grants. It’s important to keep in mind that Housing Grants are used by city administrators to meet their urban planning needs. The most effective housing grants create both immediate access to home ownership and long term value for cities. To meet its objective, every grant has its own terms. No matter what the housing grant is, both grantee and grantor enter into an agreement with specific “use of funds”. By completing the Uniform Housing Grants Application it is the simplest way to target housing grants available for you.
Are donations to Housing Nonprofit tax deductible?
Yes, contributions made to Housing Nonprofit hold the advantage of being tax deductible for donors due to our 501(c)(3) tax exempt status conferred by the Internal Revenue Service (IRS). This designation signifies our commitment to operating exclusively for research, educational, and community development purposes. Donors can choose to become sustaining members who help us expand access to existing housing grants. Or work with us to create a new housing grant that will uplift a targeted community.