Fiscal Year 2023 Homeownership Initiative | FR 6700 N 90

Opportunity Information: Apply for FR 6700 N 90

The Fiscal Year 2023 Homeownership Initiative (HI) is a HUD discretionary grant opportunity designed to reduce the homeownership gap by increasing successful homeownership outcomes in Underserved Communities. The program funds organizations that can deliver housing counseling that is both culturally sensitive and linguistically appropriate, with the expectation that this counseling will lead to concrete results such as home purchase, mortgage origination, and, after purchase, the preservation of homeownership. The underlying idea is that well-structured counseling improves the odds that a household is genuinely prepared for the long-term legal and financial obligations of owning a home and helps ensure the mortgage terms a household accepts are appropriate for its situation rather than risky or mismatched.

Grant recipients receive Fixed Amount Awards and are expected to provide both pre-purchase and post-purchase housing counseling (either directly or through approved partner structures). Pre-purchase counseling focuses on getting prospective buyers ready to buy and to borrow responsibly. That includes building understanding of the homebuying process and the costs of ownership, but also practical readiness topics like awareness of state and local property law and navigation of homeownership assistance programs. Examples of these assistance programs include down payment and closing cost assistance, gap financing, and sweat equity options, all of which can be critical tools for households that can afford monthly payments but struggle with upfront costs.

Post-purchase counseling is aimed at preventing avoidable loss of homeownership after the sale is complete. This includes guidance on home maintenance, repair, and safety practices to protect the property and reduce long-term financial strain from deferred maintenance. It also includes counseling on mortgage relief options and related programs when households experience hardship, with the goal of preserving ownership whenever feasible. Across both phases, the program emphasizes follow-up and consistent client support, not just one-time education.

All counseling and follow-up activities funded under this opportunity must comply with HUD Housing Counseling Program requirements, specifically the regulations at 24 C.F.R. Part 214. In addition to the regulation, HUD references the HUD Housing Counseling Handbook 7610.1 and other governing policies and requirements, which collectively set standards for how counseling is delivered, documented, and managed.

Eligibility is limited. Applicants must be HUD-approved Intermediaries or HUD-approved Multi-State Organizations, as those terms are defined in 24 C.F.R. 214.3, and they must have been approved to participate in HUDs Housing Counseling Program before the NOFO publication date. State Housing Finance Agencies may also apply, but only if they have statutory authority to provide housing counseling across their state and they agree to follow the same HUD program requirements (24 C.F.R. Part 214, Handbook 7610.1, and other applicable policies). Applicants must also have experience providing both pre-purchase and post-purchase counseling, either directly or through their Subgrantees and/or Branches. HUD determines eligibility using its own records, which means applicants need to already be recognized in HUD systems as meeting the required approval status.

A key restriction in the notice is that applicants and subgrantees cannot receive this same grant funding from multiple sources, meaning the program is structured to avoid duplication of HI funding flowing to the same entities through more than one channel.

Administrative details included in the opportunity listing are as follows: the Funding Opportunity Title is Fiscal Year 2023 Homeownership Initiative, with Funding Opportunity Number FR 6700 N 90. It is a grant (Funding Instrument Type: Grant) under a discretionary opportunity category, aligned with the housing activity category (CFDA 14.022). The agency is the U.S. Department of Housing and Urban Development. The posting indicates an original closing date of 2024-04-09, an award ceiling of $3,000,000, and an expectation of roughly 30 awards. The opportunity record shows a creation date of 2024-03-05.

• The Department of Housing and Urban Development in the housing sector is offering a public funding opportunity titled "Fiscal Year 2023 Homeownership Initiative" and is now available to receive applicants.
• Interested and eligible applicants and submit their applications by referencing the CFDA number(s): 14.022.
• This funding opportunity was created on 2024-03-05.
• Applicants must submit their applications by 2024-04-09. (Agency may still review applications by suitable applicants for the remaining/unused allocated funding in 2026.)
• Each selected applicant is eligible to receive up to $3,000,000.00 in funding.
• The number of recipients for this funding is limited to 30 candidate(s).
• Eligible applicants include: Others.

Apply for FR 6700 N 90

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