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 wherever 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).
Eligibility
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.
Use of Funds
The program is designed to provide affordable housing for low- or moderateincome families or individuals whose incomes at initial occupancy do not exceed 115 percent of the AMI adjusted for family size. Monthly rent for a unit may not exceed 30 percent of 115 percent of adjusted AMI. Average project rent may not exceed 30 percent of 100 percent of AMI.
Business Loans and Grants
| Business Loans and Grants | |
|---|---|
| Business and Industry Guaranteed Loan (B&I) Program | Rural Business Investment Program |
Multifamily
| Multifamily Options | |
|---|---|
| Guaranteed Rental Housing | Housing Preservation Grants (HPG) |
| Multi-Family Housing Preservation and Revitalization (MPR) | Rental Assistance Program |
| Rural Rental Housing | |
