The economic expansion of the last decade obscured certain trends and statistics which point to an increased, not decreased, need for home grants. Generally speaking, the average American household cannot afford to pay more than thirty percent of its annual income for housing. Families who pay more than the thirty percent benchmark are considered cost-burdened and many times have difficulty affording basic life necessities such as food, clothing, transportation and much needed medical care. Many people across all walks of life are now in need of home grants.
An estimated twelve million renters and homeowners in need of home grants currently pay more than fifty percent of their annual income for housing alone and a family with one full-time worker earning minimum wage simply cannot afford local fair-market rent for a two-bedroom apartment in the United States. The lack of affordable housing is a significant hardship for low-income households preventing them from meeting their other basic needs, such as nutrition and healthcare, or saving for their future and that of their families. The need for grants for home owners is soaring at unprecedented levels.
HUD, the U.S. Department of Housing and Urban Development might offer relief to those seeking home grants through their various federally funded programs. One such program providing grants for the home is the HOME program. The HOME program, as authorized under the Cranston-Gonzalez National Affordable Housing Act, provides home grants in the form of federal formula grants to States and communities for use in partnerships with local nonprofit agencies and funds a wide range of activities to build, buy, or rehabilitate affordable housing for rent or homeownership as well as provide direct rental assistance to low-income people. Thus far providing grants for homes, over four hundred and fifty thousand affordable housing units have been acquired, constructed or rehabilitated using grants for homes, and close to one hundred thousand tenants have received individual direct rental assistance.
In the private sector, many foundations exist to help those seeking grants for homes realize their dream. The Anne and Henry Zarrow Foundation; the Maxine and Jack Zarrow Family Foundation as well as the Zarrow Families Foundation all exist in concert to help deserving families realize the goal of affordable home ownership. The Bainbridge Community Foundation serves residents of Washington State seeking home grants. Another popular foundation is the Cemala Foundation. This is a private family foundation dedicated to enhancing the quality of life of the community through home grants to qualified charitable organizations.
Many corporate foundations offering home grants to qualified parties are national and regional banks, which of course support the rehabilitation of economically depressed areas scattering the country. Bank of America, one of the nation’s oldest lending institutions supports philanthropic financial management to numerous local foundations it serves in an effort to endow qualified individuals with grants for homes.