Definition
Non-repayable financial assistance for housing provided by government, nonprofits, or philanthropies to address affordability.
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Grants don't require repayment, unlike loans. Grants come from various sources with different requirements. Grants are competitive and limited in availability. Grants target specific populations or neighborhoods. Grants significantly improve housing affordability.
Example
Grant program providing $15,000 to first-time buyers for down payment and closing costs.