GRANT money, and where to find it! - Posted by Jim IL


#1

Posted by Jim IL. on January 26, 1999 at 17:53:39:

Frankly, I’m not sure. All I know is that it was Federal money released to the city, who then distributes it as they see fit.
Each city I’m sure has different names for it.


#2

GRANT money, and where to find it! - Posted by Jim IL

Posted by Jim IL on January 26, 1999 at 16:17:16:

Wow, I had always heard these great stories of government and private grants being used in this business. My only problem was that I knew nothing about how to get it, or from where. What are the restrictions and requirements etc.?
So, I fired off an E-mail to my local Congressman’s office.
(he is by the way, the NEW speaker of the House, Dennis Hastert, and a GREAT guy).
I got a return e-mail and phone call.
I explained that I was an REI, and was inquiring about grant programs thru the government for use in RE.
The office worker I talked to volunteered to do some “checking” and get back to me. I didn’t hold my breath waiting. (you know how S-L-O-W the govt. can be)
Now, three weeks later, he has called back, and given me contacts for 2 different area government sponsored programs. One is grant money for converting multi-family back to single family, and the other is low interst loans for rehabing in the more urban areas.
I just called both contacts and found out GREAT news.
The requirements are all based on the property and not me, or my credit. YAY!
I only need to show an accepted RE sales contract that is contingent on me obtaining the government funds.
I already passed on a deal that would have worked great here, and will now be looking for more.
There are a ton of homes in disrepair in this area that will qualify, and many illegally converted homes. So, the deals should work out soon. At least I’ll try my BEST to make that happen!
Just thought I’d let you all know about this.
The lesson here is one we get pounded into us from the “experienced” REI’s here every day. That is “You never know until you ask!” and “knowing where to ask is the creative part”.
Seek and ye shall find!
I did, and cannot wait.
In fact, I’m gonna try some REALY creative ideas on this one, and I’ll keep you posted.
Maybe having the seller “trust” the property to me and him/her (you know, the co-ben. thing), and splitting the profit after the grant money is received and the home sold?
anyway, I just came up with this idea, so I’ll expound on it more, and let you know what I do.
Thanks to every one here for inspiring me to be creative, and THINK!
I’m STILL on my way!
Rock and Roll BABY!
Jim


#3

You’ve Dreamed about it, Now you can DO IT! - Posted by Mark R in KCMO

Posted by Mark R in KCMO on January 26, 1999 at 18:59:20:

At Last, There is a definative publication that will answer all your questions!

A Governmentwide summary of financial and nonfinancial Federal programs, projects, services, and activities that provide assistance or benefits to the American public administered by departments and establishments of the Federal Government. Describes the type of assistance available and the eligibility requirements for the particular assistance being sought, with guidance on how to apply. Also intended to improve coordination and communication between the Federal
Government and State and local governments.

Ready for the Name??

CATALOG OF FEDERAL DOMESTIC ASSISTANCE Available at your local Fed depository library, or by subscription from the Governmental Printing Office.

I bet you thought I was starting a Infomercial LOL

Hope this Helps
Mark R in KCMO


#4

what are the gov. agency names that administer it - Posted by Adam

Posted by Adam on January 26, 1999 at 17:50:58:

what are the agency names specifically

and what are the grant program names

Adam


#5

Re: GRANT money, and where to find it! - Posted by JA (AL)

Posted by JA (AL) on January 26, 1999 at 17:19:06:

Wow, where do I sign up? Exactly what names do these grants go by?


#6

Re: Laziness being the mother of invention… - Posted by Mike (KCMO)

Posted by Mike (KCMO) on January 26, 1999 at 20:24:57:

Try the online search:

http://www.gsa.gov/fdac/queryfdac.htm