All about Federal Housing Assistance

The United States Department of Housing and Urban Development is the administrator of all federal housing assistance. It has housing grant programs and housing loan programs to ensure adequate housing is provided for those in financial need. Below is a breakdown of the different federal housing assistance programs available.

Public Housing Home Ownership Programs

If you're a public housing resident, you may be able to convert your rent into a mortgage payment. All it takes is getting the approval from your local public housing agency. Once it is approved there will be a homeownership plan written up and put into action, so that you can one day own the public housing apartment unit or house that you are currently paying rent for. This housing assistance program allows individuals the opportunity to buy a home that would otherwise be unable to do so.

Rental Assistance Grants for Non-Elderly Persons with Disabilities

There is currently $30 million available in rental assistance grants for non-elderly persons with disabilities. This means that individuals and families between 21 and 65 years of age and with a disability can apply for a grant to help cover their living expenses. You must also be able to show financial need.

Home Ownership Voucher Program

If you are a first time home owner or cooperative housing person you could qualify to receive a homeownership voucher which subsidizes your mortgage payments to keep them in your budget.

Making Home Affordable Program

This federal housing assistance program offers opportunities to modify or refinance your mortgage to make your monthly payments more affordable. This is a great alternative to selling your home or losing it to foreclosure.

First Time Home Buyer Programs

While this grant is funded by the federal HUD, it is actually administered by your state government. If you are looking at purchasing a new home and are a first time homebuyer all you need to do is get pre-approved for a mortgage and there is a good chance you will qualify for this housing grant.

State Housing Assistance

The programs listed above are just the tip of the iceberg when it comes to available housing assistance programs. Make sure to check out state and municipal housing government sites that will have a breadth of housing assistance programs available to you as well.