The Housing Preservation Grant (HPG) program provides
grants to sponsoring organizations for the repair or rehabilitation of low- and very
low-income housing. The grants are competitive and are made available in areas
whnere there is a concentration of need.Those assisted must own very low- or low-income housing,
either as homeowners, landlords, or members of a cooperative. Very low income is defined
as below 50 percent of the area median income (AMI); low income is between 50 and 80
percent of AMI. Eligible sponsors include state agencies, units of local government,
Native American tribes, and nonprofit organizations.
HPG funds received by the
sponsors are combined with other programs or funds and used as loans, grants, or subsidies
for recipient households based on a plan contained in the sponsor's application. Funds
must be used within a two-year period. |
The objective of the HPG program is to repair or
rehabilitate individual housing, rental properties, or co-ops owned and/or occupied by
very low- and low-income rural persons.Housing Preservation Grant assistance is
available from grantees to assist very-low and low-income homeowners to repair and
rehabilitate their homes. Assistance is also available to rental property owners to repair
and rehabilitate their units providing they agree to make such units available to very-low
and low-income families. Financial assistance provided by the grantee may be in the form
of a grant, loan, interest reduction on commercial loans, or other comparable assistance.
The population limit of towns served is 20,000. |
