$58 Million in New Multifamily Housing Grants |

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$58 Million in New Multifamily Housing Grants

By Jillian Wheeler | May 18, 2009

East Texas, like Louisiana, Mississippi, and Alabama, has had a hard time these past few years. Hurricane Katrina was followed very shortly by Hurricane Rita, which slammed into far east Texas and left a landscape of orange tarps where roofs once sheltered houses. More recently, Hurricane Ike wiped away whole communities in the Galveston Bay and Bolivar Penninsula areas. Ike has been largely overlooked by the national press, but 200 people lost their lives, and 25% of Galveston itself remains uninhabitable.

This month, the State of Texas is set to release $58 million to owners and investors to rebuild or replace some of the rental housing lost in natural disasters in 37 east Texas counties. Much of the $58 million will be given in the form of outright grants, and the rest will be allocated as five-year, forgivable loans, meaning they will revert to grants. The grants can be used for multifamily, such as apartment complexes, or for groups of single-family homes.

Not only is this a wonderful program for the citizens of those 37 counties, it is also a great opportunity for investors. More specifics will be released on May 22, 2009.

All over the United States, there are literally thousands of real estate grant and low-cost loan programs available to for-profit investors and developers. I’ve taken advantage of them, and I’ve helped many others do so, as well.

If you’d like to find out about every one of the federal and state programs, as well as how to apply for the many local programs, you’ll want to grab your own copy of The New American Land Rush: How to Buy Real Estate with Government Money.

www.NewAmericanLandRush.com

You can also get a significant discount on our Grants Training Classes, by taking advantage of the Dual Purchase package:

www.GrantMeRich.com/classes.htm

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