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;Sv- <br />Wii'f <br />Us# <br />^;’* ;■ <br />0m: <br />IK-^;t^v- <br />I*:-; <br />;m. <br />«0x? <br />IP ■ <br />'* <br />Ifo' •■ -> <br />f <br />h '•- <br />^r <br />ils‘fc' <br />.K <br />■:<■ <br />p * <br />■r- <br />:3/9 2 <br />SUMMARY INFORMATION ON WeCAN’S MOPE 3 GRANT APPLICATION <br />^AriOPE 3 PROGRAM SUMMARY <br />The HOPE 3 Program is a new program by the J. S. Department of <br />Housing and Urban Development 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 both planning and implementation grants to <br />eligible applicants selected on a competitive basis to aid them in <br />developing and carrying out homeownership programs for Lirst-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 **/ailable 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 properties <br />held by HUD, VA, RTC , and ta.\-forfei ted homes. <br />Eligible applicants are private nonprofit orgari izations, <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 and <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 nlanning grant includes assessing <br />the stock of eligible properties, training o^ grantees, feasibility <br />studies, identification of counseling/training curricula and <br />sources, planning for eligible economic development activities tor <br />homebuyers, administrative costs, and preparing an Implementation <br />Grant application. <br />HOPE 3 T1MEL1NE3 <br />Planning grant applications are due to HUD by April l«i • <br />Awards aro made January 1- 1993. Planning giar funds mus e <br />expended by December 3.'., 1393. <br />*11 tt /'"fi&lft