Grants?
I keep hearing about goverment grants that are given to investors and I was wondering if anyone knew where to apply at and if anyone had ever got one to finance a deal. If so please give me a little info on your experience and how you went about applying and to who you applyied. Thanks
David
I just did a loan for someone that received a grant. They used a local bank for the grant that was approved for the program. First we had to research what grants were available in our area, then we have to see if the investor qualfied, then we applied. Thoses are the steps.
The research was the most time consuming.
Lori
[addsig]
Quote:
On 2004-05-04 11:32, tinman1755 wrote:
I just did a loan for someone that received a grant. They used a local bank for the grant that was approved for the program. First we had to research what grants were available in our area, then we have to see if the investor qualfied, then we applied. Thoses are the steps.
The research was the most time consuming.
Lori
How did you find the grant money?
On the internet
Lori
[addsig]
Please be a little more specific as to where you found the grants. Were they on the state page or another goverment page. Where could I go to research for such grants. would any bank know of them or the local county office. I'm really trying to find out where to start looking so that i can get my foot work started and I just need a push in the right direction. Thanks
It seems there a terminology game you have to play. If you doing as speculation or an investment you're locked out of alot of programs.
I have found some city/county grants for aaffordable house
I called the muncpality where the property was located and asked them where to get grant money to fix up property. They gave me a website to download all information, I did get it to the home owner, they went to the bank, had house fixed.
Lori
[addsig]
Many times the money for such programs is national in its origin.
The programs are (almost?) always administered locally so that local issues can be dealt with.
There are programs for improving NOO. These are normally somehow tied to lenders who need to score points or to investor programs where the investor is getting a tax credit. Again - tied to a national program or scoring system but administered locally.
I was just reading about some deals done on the program in the metro Portland area. I would try searching the local web sites, the local business journal publication (where I was reading) and check with the local HUD office.
John
[addsig]
All the grant money I ever heard of (or got) was tied to some charitable purpose: Low income housing, improving services for Senior Citizens, Homeless shelters, renovations in blighted areas. You don't just go in and say, I'd like some grant money to help me get started in the REI busisness.
I used to do a good bit of this business. But these days I've pretty much got out of it. Its a lot of hassle and the bureacrats can eat you alive with delays, new condiditons, etc. I recommend you do several conventional deals first so you have some reserves to carry you over when the thing takes 6 months to a year to close.
Also, in most locations this seems to be a big-players game. You need what is called here in Chicago clout to play the game in such a way as to make any real money doing it.
That said, trot down to your local department of housing. And to your Housing Authority and to your city's Planning department and ask them the same question. The state agencies with the same titles or descriptions also have money.
The most creative is the private foundation money but it is also hardest to find and the hardest to get.
David,
Take a look at the "Catalog of Federal Domestic Assistance". It has all of the federal funding grant/programs, as well as who they are allocated to i.e cities, states, and there are a few that individual can apply to as well. The list is large, you may want to search the programs for terms like "housing", "homeless" "independent living" etc.[ Edited by ojedra on Date 06/14/2004 ]
look at preservation or renovation of historical sites.