The Stimulus Bill and Housing Programs |

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The Stimulus Bill and Housing Programs

By Jillian Wheeler | March 13, 2009

I’ve been doing some research, deconstructing the new Stimulus Bill.

We do know there will be some new programs, and I’ll certainly keep you updated about those as they are developed by the various cabinet departments. Right now, however, we already know the general trends. Here’s the breakdown on housing.

Congress has tagged $7,260,000,000 for housing programs, not including a signficant sum set aside for military family housing.

$1 Billion will go directly into the Community Development Block Grant pot. If you’ve read about the apartment complex I bought and rehabbed with grant funds, you may remember I did so with a CDBG grant (read about it at www.NewAmericanLandRush.com). CDBG funds are monies returned to communities on a formula basis directly related to community needs. Each community then holds hearings, and votes on how to use the funding. Funds can be used for a variety of kinds of projects that benefit the community, including the most needy members. Many communities elect to use these funds for housing programs.

$2,250,000,000 will go into the existing Low Income Housing Tax Credit program. I’m in the process of creating a product that explains this funding in detail. It offers wonderful opportunities for investors and developers.

$1.5 Billion will go to projects for the homeless, including some rehousing projects (which may be available to for-profit investors and developers).

$2 Billion will go to assist owners of properties that receive Section 8 Rental Assistance. Since many real estate investors provide Section 8 housing, this fund should provide significant benefit in terms of rehab, and possibly refinancing these projects.

My Birthday Sale….

On another note, my birthday kicked off this week (March 9), and so we’re having a Birthday Sale. Buy any of our products this week, and we’ll immediately return to you 20% of the purchase price.

This applies to our Grants Training Classes and our real estate product as well:

www.GrantMeRich.com/classes.htm

www.NewAmericanLandRush.com

This is a great way to save money on the best grants education on the planet (yes, really). Give yourself a great gift!

Have a wonderful weekend.

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