Stimulus Check

Starting in late April, the Treasury began sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.

Even though April 15 has passed, there is still time for retirees, disabled veterans and others who normally do not file a tax return to submit a 2007 form to receive an economic stimulus payment.

Public Housing Program

Public housing was established to provide decent and safe rental housing for eligible low-income families, the elderly, and persons with disabilities. Public housing comes in all sizes and types, from scattered single family houses to highrise apartments for elderly families. There are approximately 1.2 million households living in public housing units, managed by some 3,300 HAs. The U.S. Department of Housing and Urban Development (HUD) administers Federal aid to local housing agencies (HAs) that manage the housing for low-income residents at rents they can afford. HUD furnishes technical and professional assistance in planning, developing and managing these developments.


Public housing is limited to low-income families and individuals. An HA determines your eligibility based on: 1) annual gross income; 2) whether you qualify as elderly, a person with a disability, or as a family; and 3) U.S. citizenship or eligible immigration status. If you are eligible, the HA will check your references to make sure you and your family will be good tenants. HAs will deny admission to any applicant whose habits and practices may be expected to have a detrimental effect on other tenants or on the project's environment.

HAs use income limits developed by HUD. HUD sets the lower income limits at 80% and very low income limits at 50% of the median income for the county or metropolitan area in which you choose to live. Income limits vary from area to area so you may be eligible at one HA but not at another. The HA serving your community can provide you with the income levels for your area and family size, or you can also find the income limits here on the internet.

Downpayment Assistance

HUD has long recognized the important role that downpayment assistance through secondary financing plays in providing affordable housing opportunities. There are three categories of DAP assistance providers:

1) Nonprofit and Nonprofit Instrumentality of Government DAPs: Nonprofits and Nonprofit Instrumentalities of Government that provide DAPs in the form of a lien in conjunction with an FHA first mortgage lien, must be approved by HUD. HUD maintains a Roster of those Nonprofits and Nonprofit Instrumentalities of Government that have been approved. See Mortgagee Letter 02-01 for more information on the approval process. Also, see: Non Profit Approval Information for Participation in Single Family Programs.

2) Government Entity DAPs: No approval is required for Government Entities that provide secondary financing in the form of a lien in conjunction with an FHA first mortgage lien. HUD does not maintain a list of Government Entity DAP providers. Mortgage lenders are responsible for assuring that a Government Entity DAP meets all appropriate FHA requirements, including those contained in Mortgagee Letters 94-2, 02-22, and HUD Handbook 4155.1 Rev-5, Paragraph 1-13A.

3) Gift Programs: FHA does not "approve" down payment assistance programs in the form of gifts administered by charitable organizations (i.e., nonprofits). Mortgage lenders are responsible for assuring that the gift to the homebuyer from the charitable organization meets the appropriate FHA requirements and the transfer of funds is properly documented. See HUD Handbook 4155.1 REV-5, CHG-1 Paragraph 2-10 (C) and Mortgagee Letter 00-08, for further information. Those charitable organizations that comply with existing regulations and policy guidelines are permitted to give cash gifts to eligible homebuyers and do not need prior FHA approval to do so. Please see: Status of IRS charitable organizations for more information.

Business Grants

We've all seen the headlines: "Millions in free government money for your business." Late-night infomercials, reference guides and websites promote the availability of grant money to entrepreneurs for starting and expanding businesses. Sound too good to be true? It is.

The truth is that federal and state governments do not provide grants for starting and expanding small businesses. However, the U.S. government does offer a wide-variety of low-interest loans and venture capital financing programs to help entrepreneurs start and grow their businesses. In addition, some federal and state agencies award a limited number of grants for very specialized business activities such as scientific research and development.

The following guide provides an explanation of federal and state loan, grant and venture capital financing programs available for your small business.

Education Grants

Education Grant Can Help You Pay for College

Many people go to college without having the money in their pockets to pay all the expenses. Realistically speaking, tuition, books, lab fees, living expenses, and even entertainment and spending money are very real expenses that add up quickly. When one is expected to devote the vast majority of time and attention to learning, there is often not much energy left to earn the money to cover the expenses.

Fortunately, many forms of financial aid programs can help ease the financial burden, freeing up energies for the student to devote to studying instead of to counting pennies.

One outstanding way of financing college is with an education grant. Unlike loans, grants don’t have to be repaid in kind after graduation. Each entity offering grant money has a different set of circumstances surrounding it and it can be quite worthwhile to explore all which may apply.

Education grant money is often offered to students enrolled in a particular field of study. The entities offering these grants fund the grants with the plan in mind that the student will work in the given field after graduation.

The medical profession is one that offers education grants to budding doctors. They do so in order to offset the dearth of general practitioners in rural and other underprivileged areas that are apparently not too attractive to many doctors although the need for them is great.

In order to secure such an education grant in the medical field, a medical student receives money for medical school in return for the promise to spend his or her first few years out of school working as a physician in an area underserved by the medical community.

Grants For College

U.S. Secretary of Education Margaret Spellings announced the upcoming availability of, and the state-by-state requirements for, Academic Competitiveness Grants and the National Science and Mathematics Access to Retain Talent (SMART) Grants. Starting July 1, qualified Pell Grant-eligible students can begin applying for these new grants that provide $790 million in funding for the 2006-07 academic year and $4.5 billion over the next five years. These grants provide further incentive for students to take more challenging courses in high school and to pursue college majors that are in high demand in the global economy, such as science, math, technology, engineering and critical foreign languages.

Nationwide, it is estimated that approximately 500,000 students will qualify to receive Academic Competitiveness and SMART Grants. The Academic Competitiveness grants will provide college students who completed a rigorous course of study in high school with additional funds of up to $750 during their freshman year and up to $1,300 during their sophomore year; this is in addition to Pell Grant funds students are already receiving. College juniors and seniors who are eligible for SMART grants will automatically receive up to $4,000 in additional aid next year.

"Math, science and critical foreign language skills are the new currencies in our global economy," said Secretary Spellings. "These new grant programs will not only enable more students to attend college but also better prepare our students for today's world. Justin Blahnik, a computer science student and SMART grant qualifier I met last week in Minnesota, put it best when he said these grants would enable students 'to borrow less, work less and study more.'"

To receive an Academic Competitiveness Grant, rising college freshmen and sophomores must be Pell Grant-eligible and have completed a program of rigorous high school course work as defined by their state and recognized by Secretary Spellings (visit www.federalstudentaid.ed.gov for more details). Academic Competitiveness Grants provide additional funds of up to $750 for first-year college students and up to an additional $1,300 for second-year students who complete rigorous high school course work, are enrolled full-time and maintain a 3.0 GPA in college.

For SMART Grants, third- and fourth-year Pell Grant-eligible students who meet the requirements, major in designated science, technology, math or critical foreign languages and maintain a 3.0 GPA will automatically receive up to an additional $4,000 during the 2006-07 school year. A complete list of eligible majors is available at www.federalstudentaid.ed.gov.

Home Grants

UD Office Director Karen Jackson Sims presents
grant award check to Ken Salzer
(HUD gives free grants for real estate)


The Home Grants program has helped thousands of individuals and families by providing Home Grants that do not have to be repaid. The Granted funds are generally utilized for Down Payments and Closing Costs. Our liberal requirements make our Home Grants program some of the most accessible funds in the country. HUD stands committed to providing these non-repayable Home Grants along with required homeowner education.

The participating non-profit organizations are staffed by teams of dedicated and experienced Real Estate professionals who are committed to helping consumers to achieve the American Dream of home ownership. Through our program, most individuals and families will be able to purchase a home with "Little" or "No Money Down". The Home Grants program is able to help individuals and families all 50 of the United States.

HUD works hand in hand as well as with many other Non-Profit organizations as a joint effort to provide our services to consumers Nationwide. HUD trained debt counselors educate our Home Grant recipients on budgeting and debt management on an individual basis. The stated purpose of HUD is to "promote home ownership through fiscal responsibility and budget management".

Our focus is arranging "non-repayable" Home Grants to assist homebuyers with their Down Payments and closing costs. Our Home Grants usually will facilitate loan closings by providing the critical Down Payment and Closing Costs funds to perspective homebuyer