Recently the federal government announced it would be awarding $14 million in grants to support housing for low and moderate-income people in Hawaii and these grants often can assist home buyers with soft-second to assist with down-payment requirements and closing cost. Additionally, these dollars if use wisely can be included with other great programs like the Mortgage Credit Certificate Program and Fannie Mae’s recently offered My Community Mortgage, which allows first time home buyers of low to moderate incomes to purchase a home for as low as three percent down. And, grant money can be used to meet the three percent requirement.
Hawaii’s congressional delegation announced the grants from the U.S. Department of Housing and Urban Development on July 30th 2015.
U.S. Sen. Brian Schatz said in a statement. “With the governor’s new working group of state, county and federal leaders, we’re beginning to see a real and collective seriousness of purpose in solving homelessness from all levels of government.”
As a part of that new task force, the Democratic senator said he will work to ensure that federal funds continue to provide Hawaii and the city of Honolulu critical resources to address the housing shortage.
Most of the money will go toward developing housing and to providing affordable places to live, with $7.3 million going through the Community Development Block Grant Program to develop urban communities and housing for low and moderate-income people. Another $5.2 million will come from a program designed to help low and very low-income families with affordable housing. About $1 million will be specifically for homeless people, and $641,000 will help provide housing assistance for people with HIV and AIDS.
Hawaii’s homelessness rate is already among the highest in the country. The extreme shortage of truly accessible and affordable housing on every island makes it increasingly difficult for families and individuals with limited resources to find a safe, stable place to live.”
Although the money doesn’t entirely solve the problem, the grants will help support local programs that serve those who are most in need.
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