Industry News

HUD awards ‘sweat equity’ real estate grants

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HUD is awarding $24.8 million in so-called "sweat equity grants" to four national and regional organizations through the Department's Self-Help Homeownership Opportunity Program, the agency announced Wednesday. Pamela Patenaude, HUD's assistant secretary, said the grants will benefit about 1,500 families. She announced the grant program as she joined Habitat for Humanity volunteers in constructing 15 affordable homes in Covington, La. The homes are being reassembled throughout the Gulf Coast region and will eventually provide affordable housing for hurricane evacuees, HUD announced. "This funding not only helps families to purchase their first home, but taps into their own sweat equity to make them feel more invested in their new neighborhood," Patenaude saud. "With a little investment and elbow grease, great things can happen and our SHOP program is proof of that." The following nonprofit organizations were awarded grants: ACORN Housing Corp., $572,000; Community Frameworks, $4.5 mi...