Your Guide to Home Improvement Grants
Many people know that the federal government offers various grants to the public. Did you know that different types of home improvement grants are also available? Also called repair grants, they have strict criteria of eligibility that you must qualify for. However, once you do, these grants become an excellent source of funding for home renovation projects. This article is designed to help you learn more about these grants.
What Is a Grant?
A grant refers to a type of financial aid that doesn’t need to be repaid by the beneficiary. Grants may be awarded by the federal, state, and municipal governments to people who meet the requirements.
Government grants are funded by tax revenue. They usually have tight standards and auditing procedures. Many grants are competitive, so you might not receive them even if you meet the requirements. Always apply as early as possible.
Where to Apply for Home Improvement Grants?
Contact your local Housing and Urban Development (HUD) office or visit its website to find grants available in your area. The National Residential Improvement Association (NRIA) also helps people find grants for home improvement projects. You must complete a questionnaire to know which grants you qualify for.
Eligibility
Home improvement grants are available to people who fit the following requirements:
- Own and occupy a home
- Are unable to get approval for affordable credit from other sources
- Meet income requirements
- Are at least 62 years old
Eligible homeowners can get a lifetime maximum of $7,500 from the Rural Development arm of the U.S. Department of Agriculture (USDA). However, there are restrictions on how the grant money can be used. Grant funds must address health and safety risks. They can also be used to make the home more accessible for people with disabilities. However, they cannot be used to make purely cosmetic improvements to the property.
Different Home Improvement Grants
- Home Investment Partnerships Program: Used by state and local governments to create affordable housing options.
- Section 504 Home Repair Program: Granted to low-income and elderly homeowners so they can repair or modernize their single-family homes.
- Native American Housing Improvement Program: $60,000 are offered to repair or renovate properties and bring them up to standards.
- Area Agency On Aging: Helps seniors renovate their homes and make them more elder-friendly.
- VA Specially Adapted Housing Grant: Used to renovate homes for veterans with service-related disabilities.
