Traverse City Housing Commission Receives New Grant Funding
The federal HUD grants were on hold during the government shutdown, but the Housing Commission just got word they’ll be getting another $67,224 in grant funding.
The funding is set aside for public housing residents who are part of the Housing Choice Voucher Program, or who are working to reduce their dependency on public assistance.
With the help of the Housing Commission, clients set goals and a five year plan. Under this program, any increases in rent due to an increase in income are set aside in an escrow account, which can be paid back to clients when they reach their goals.
Typically they also complete a budgeting course and a first-time home-buyers class if it applies to them.
The housing commission says clients typically used the escrow funds for a down payment on a house, to further their education, or start a business.
Dollar amounts have ranged from as little as $200 up to $16,000.
Nationwide, HUD is giving $74 million in grants for the program.
About $2.4 million is coming to the state of Michigan.
Traverse City is the only Housing Commission in Northern Michigan to receive funding, although there is $971,313 set aside for the state Housing Development Authority.