There are a number of grant programs that homeowners can take advantage of, all relating to home improvements. Some of these grants will lead to greater energy efficiency while others will seek to make homes safer overall by providing money to repair safety hazards. In some cases, the money may also be available to help make improvements to blighted areas. Though many programs are available from the federal government, they are often administered and overseen locally, and not all programs are available everywhere.
Grants for certain types of home improvements are available.
Potential
A popular grant for seniors comes from the Rural Housing Repair and Rehabilitation program. These grants are for those in rural areas who are 62 years and older. Any grant money received must be used in conjunction with a repair and rehabilitation loan, and the maximum lifetime award is $7,500. The grant can only be used for safety or health issues. Income restrictions also apply.
Considerations
Grants such as the Community Development Block Grants seek to help those who are in blighted areas. This may include offering grants to private homeowners to help fix up properties in need of repair. That could include repairs to increase the visual appeal of the property, such as painting or siding. Though there are certain guidelines that must be met, states receiving these funds have a great deal of leeway in choosing programs that they feel will most benefit local communities.
Emergencies
Homeowners who experience a natural disaster, such as floods, fire, hurricanes, tornadoes or mud slides, may be eligible for funds through the Federal Emergency Management Agency. Generally, to be eligible for grants in this situation, homeowners must be in an area declared a federal disaster area and be able to prove damages. Federal disaster areas may be statewide declarations or done on a county-by-county basis.
Benefits
Many grants are meant to take care of safety problems or create greater efficiency inside the home. For example, the federal lead hazard control grant is a locally administered program available in some communities that seeks to prevent children from becoming poisoned by removing lead-based paint from the home. Some utility companies will also offer financial grants for homeowners to help them add insulation, replace a furnace or buy new appliances. These typically will not cover the entire cost of such projects, but can help significantly.
Warning
Before applying for a grant, consider the requirements. Some will have income restrictions, intending to benefit middle- and low-income families. Others may not, but could have other restrictions such as location or project scope. In any case, those seeking grants should also check with their tax professional or an attorney to determine what type of tax liability they may have for receiving a financial award.
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