Housing assistance programs continually face changes that affect the agencies and home builders with whom they do business. You must keep up with affordable housing credit providers and changes in their rules and regulations. Governmental laws and regulations that shape the low-income housing assistance industry also should be closely followed.

Follow trends affecting housing assistance programs in a variety of ways. Read affordable housing aid publications that keep you updated on low-income eligibility requirements. Watch for news about grants as they become available, and track eligible populations such as people with disabilities, low-income families and immigrants. Look for affordable housing assistance news and trends in a variety of places.

1. Keep up with governmental affordable housing assistance news.

2. Find publications that address funding and social issues for low-income housing credit agencies.

3. Participate in associations that provide members with additional information for housing assistance programs.

Action Steps
The best contacts and resources to help you get it done

Stay informed about changes in affordable housing assistance programs

So much of the grant money and funding for low-income housing assistance comes from the federal government that you should have solid resources to tap into that will provide you with current rules and regulations as well as news that affects the government policies in general.

I recommend: HUD provides trend pieces and regulatory news to readers. Bookmark the site to check often for changes. Subscribe to email newsletters and updated reports from the Housing Assistance Council.

Read about the latest low-income housing aid news and needs in the community

Read detailed reports and news features that cover affordable housing assistance programs further than the headlines. Look for information that affects developers and investors. Find headline stories and articles that address the social issues involved in the industry.

I recommend: News and trend pieces about affordable housing and the issues surrounding it are regularly updated at HousingFinance.com. KnowledgePlex is a great source for all the news in one place for professionals who work in the affordable housing field.

Join trade groups for affordable housing assistance programs that keep members informed

Keep up with compliance issues and lobbying efforts being made on behalf of the populations you serve. Use the publications of your associations to get the news you need to track important events. Find new sources for affordable housing grant programs and follow as the rules change. Use the expertise in the group to learn about trends that will affect your business.

I recommend: The Midwest Affordable Housing Management Association provides members with the latest regulatory information as well as news affecting the members and the their latest projects. The National Alliance to End Homelessness keeps up with the news and trends that affect the grant process, changing governmental environment and population reports. Join the network through the "take action" menu on the news site to get on the mailing list and receive important updates.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Find news resources from your local, state and regional low-income housing aid governmental departments in your community that provide grants. They typically produce regular newsletters with grant and policy information and changes.

If you are struggling to make rent, or dreaming about buying a home, there are affordable housing assistance programs out there that might help you. You may be able to qualify for several programs for affordable housing aid or even get free money to help you buy your home using a low income housing assistance program.

Finding housing assistance programs may be time consuming, but there are many benefits to doing so. If you spend the time looking you may find low income housing aid that:

1. Helps you get an affordable housing grant for down payment assistance

2. Pays your rent directly to your landlord

3. Includes mortgage insurance to help you qualify for a mortgage.

Action Steps
The best contacts and resources to help you get it done

Search your state for financial assistance for housing

Many times, federal grants for housing assistance are handed out to the individual states to disburse. The best way to find out what's available is to ask your state's Housing and Urban Development (HUD) office.

I recommend: Contact your state's housing counseling agency. These agencies can work with you and give you options for housing assistance programs. Before you go, search programs yourself by looking at local homebuying programs so you can speak to your counselor about these options.

See if you qualify for grants for affordable housing

If you qualify, a low income housing grant is a great option for homebuyers. Grants are free money that you won't have to repay available through the state and federal government.

I recommend: Check out FirstTimeHomeBuyers.com which outlines what states have grants available and which states don't. Even if your state doesn't offer grants, you may be eligible for a grant through the federal government. Search housing grants available at Grants.gov.

Get affordable housing credit to save money

Even if you don't qualify for a grant, there are still other options to help you save money on your house. Local and federal agencies have mortgage discount and credit programs for which you may be eligible.

I recommend: The mortgage credit certificate reduces the amount of money you pay in federal taxes, so you will have more money to spend on your home. If you are considering a home that needs repairs, look into HUD's 203(k) rehab program which will loan you mortgage and repair money. If you aren't quite ready to own a home, see if you quality for Section 8 affordable housing assistance, which will help you pay rent.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Use a realtor in your search for affordable housing assistance or subsidized housing assistance. A realtor will know what kind of local help is available and can help you find the right place. Also, the commission will be covered by the home seller.
• •  When looking for affordable housing assistance, talk with an unbiased housing counselor, not a mortgage broker. Brokers are typically paid on commission, so they are often more interested in getting you a loan, not helping you out. When you are ready for your loan, and know exactly what you need, then start talking to your mortgage broker.

Affordable housing assistance education and training can help a prospective homeowner find the best programs for buying a house. Housing assistance programs offer counseling on mortgages and provide detailed information on how to understand a mortgage. Some companies review a person's economic status to determine the best methods of financial assistance for housing.

There are many government and non-profit organizations that provide training and education for free. The Internet also offers a variety of sources for help with affordable housing assistance.

1. Grants for affordable housing provide free money to qualified individuals in need of housing assistance.

2. Government programs provide affordable housing assistance, but may provide it in the form of a special loan.

3. Government programs like the low-income housing tax credit provide incentives for investors to work with low-income situations.

Action Steps
The best contacts and resources to help you get it done

Learn about grants and mortgages for low income housing assistance

Many government funded grants and mortgages help people who have an income lower than the national average. People who qualify for a low income housing grant won't have to repay the money, as long at it is truly a grant. There are many scams that take advantage of people looking for grants, so make sure you understand the grant process and the eligibility requirements.

I recommend: GovLoans.gov provides detailed information on popular housing loans and grants. It also offers educational information on the types and terms of loans and the eligibility requirements needed to obtain an affordable housing grant. LocateGovernmentGrant.com describes the basic elements of a grant and provides educational information on fees associated with grants. It also provides reviews of websites dedicated to finding grants.

Understand how government-based affordable housing assistance programs work

The US Department of Housing and Urban Development, commonly called HUD, oversees many of the government-based housing assistance programs. Home ownership is a national priority for HUD. The Federal Housing Administration (FHA) works in conjunction with HUD.

I recommend: HUD provides events and training specific to single family homes at various locations throughout the year. Usually HUD allows other companies or organizations to conduct the training. Learn the ways the FHA can help you achieve your dream of home ownership at its website, which offers educational materials and counselors for training.

Find education and training on the affordable housing credit

Housing assistance programs often look for ways to promote business in low-income sections. The affordable housing credit is a tax incentive that the Internal Revenue Service (IRS) oversees.

I recommend: The Affordable Housing Tax Credit Coalition is an organization with an active leadership role for the affordable housing credit. It provides details on housing tax credit issues and hosts different training and educational events. The National Association of Realtors provides an overview of the low-income housing tax credit and offers educational information including case studies and background information.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The US Department of Veteran Affairs provides affordable housing aid to veterans.

Affordable housing assistance key terms are applicable to people in many fields. From those who are looking for houses to those in the business of helping families in need of assistance, knowing the terms will in navigating the field of housing assistance. Housing assistance key terms also affect landlords, realtors, bankers, creditors, contractors, inspectors and anyone affected by the real estate market. Knowing how to properly and legally handle low income families starts with having a base understanding of the terminology and phrases.

Action Steps
The best contacts and resources to help you get it done

Private Mortgage Insurance (PMI)

Private Mortgage Insurance (PMI) is insurance payment coverage that in situations of loan default guarantee the lender partial payment of an outstanding loan balance. Traditional PMI requirements were for when the down payment on a house was for less than 20% of the loan, but some lenders have waived that requirement as part of their affordable housing program.

I recommend: Learn more about PMI from the Federal Reserve Bank of San Francisco.

Fair Housing Act

The Fair Housing Act is a federal law prohibiting property owners from denying housing, refusing to rent, sell or negotiate, or offer different terms and considerations because of any discriminatory practices. This means that you cannot discriminate or be discriminated against based on race, religion, handicap, sex, national origin or familial status.

I recommend: Find out more about the Fair Housing Act from the US Department of Housing and Urban Development.

Amortization

Amortization is the chart or plan used to pay off a financial obligation using periodic installment payments over a set period of time.

I recommend: Learn how to use an amortization schedule from Money-zine.com.

Community Reinvestment Act (CRA)

The Community Reinvestment Act (CRA) was a federal law enacted by Congress in 1977 that says that banks and savings institutions have an affirmative obligation to serve the public. In particular, this includes meeting the needs of low- and moderate-income neighborhood residents.

I recommend: Find out more about the Community Reinvestment Act from the Federal Financial Institutions Examination Council.

Deferred payment loan

Deferred payment loans are loans of which the borrower has put off repayment for a certain length of time. In housing programs, this type of loan is often used when an assisted family sells the home.

I recommend: Learn more from the King County Housing & Community Development Program about a deferred payment loan.

Section 8

Section 8 refers to federal subsidy housing funds for low-income families to help them supplement what they cannot afford on their own.

I recommend: Find out more about Section 8 from The City of New York.