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b! <br />K <br />.) / y 2 <br />SUMMARY INFORMATION ON WeCAN’S HOPE 3 GRANT APPLICATION <br />HOPE 3 PROGRAM SUMMARY <br />The HOPE 3 Program is a new program by the U.S. Department of <br />Housing and Urban Dev'elopment aimed to empower many low-income <br />families to realize the American dream of homeownership. <br />HOPE 3 GRANT AMOUNTS <br />Under HOPE 3, HUD awards bctu planning and implementation grants to <br />eligible applicants selected on a competitive basis to aid them in <br />developing and carrying out homeownership programs fr first-time <br />home-buyers through the use of single family properties from <br />eligible Federal, State and local government sources. HOPE 3 funds <br />of $95 million are available for FY 1992 gi'ants with $10 million <br />available for planning grants, and $85 million for implementation <br />grants. Planning grants are limited to $100,000 and acti^ities <br />must be completed within 12 months. <br />HOPE 3 ELIGIBILITY REQUIREMENTS <br />Eligible properties are one to four unit residential <br />held by HUD, VA, RTC, and ta.\-forf e i ted homes. <br />properties <br />Eligible applicants are private nonprofit nrganizitions, <br />cooperative associations, and public agencies in cooperation with <br />a private nonprofit organization. Planning grants arc' available to <br />organizations that are inexperienced in homeownership programs i»nd <br />need financial assistance to determine the feasibility of, and plan <br />for, implementation of a HOPE 3 program. <br />Eligible activities of a HOPE 3 planning grant includes assessing <br />the stock of eligible properties, training of grantees, feasibility <br />studies, identification of counseling/training curricula and <br />sources, planning for eligible economic development activities for <br />homebuyers, administrative costs, and preparing an Implementation <br />Grant application. <br />HOPE 3 TIMELINES <br />Planning grant applications are due to HUD by April 17, 1992. <br />Awards are made January 1, 1993. Planning grant funds must bo <br />expended by December 31, 1993.