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Affordable Housing and Tax Credit Developments NationallyThe U.S. Department of Housing and Urban Development (HUD) Announces Self-Help Homeownership Opportunity Program (SHOP) Funding Guidelines

July 1, 2011by George Danneman

The U.S. Department of Housing and Urban Development (HUD) announced that it will provide $27 million in grants to produce 1,500 new affordable homes through the Self-Help Homeownership Opportunity Program (SHOP).  The Self-Help Homeownership Opportunity Program (SHOP) program provides federal grants to national and regional nonprofit organizations that have experience with self-help housing programs.

As stated by the U.S. Department of Housing and Urban Development (HUD) the following organizations will receive the Self-Help Homeownership Opportunity Program (SHOP) funds:

Recipient

Headquarters

Amount

Community Frameworks Bremerton, Washington

$7,361,863

Habitat for Humanity International Americus, Georgia

$15,369,750

Housing Assistance Council Washington, DC

$3,131,489

Tierra del Sol Corporation Anthony, New Mexico

$866,898

 TOTAL

$26,730,000

The funding must be used to improve the quality of the land or the infrastructure, but the cost cannot exceed an average of $15,000 per home.  The buyers must also contribute a minimum of 100 hours of “sweat equity” on the construction of their homes or other local self-help housing programs.  Self-help housing or sweat equity involves the homebuyer’s participation in assisting in the painting, carpentry, trim work, drywall, roofing and siding for the housing.  The self-help program lowers the cost to build the homes, making the housing more affordable.

More information about Self-Help Homeownership Opportunity Program (SHOP) funding can be found here: http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2011/HUDNo.11-122

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