CRA grants stand for Community Redevelopement Act. It was created by congress to help redevelope areas for individuals as well as businesses. In fact many business expand because of these grants. Now the grants will come with conditions, usually you will have to hold the property for Xamount of time and use it as a rental, or you may need to live in it, can be for rehab, etc.
Fact is, all local gov’t, state gov’t, fed gov’t and banks have to give out a certain amount of grant money each year. Good thing is, the grant money funds get replenished in Sept since thats when the fiscal yrs always start. This means in Sept-Dec you have more approvals and then towards March or so it gets tough to get the money. Any money not spent, has to then get turned over to other projects other than grants.
I was once told the easiest banks to get CRA money was banks with low customer service ratings as they are under pressure from the govt if they i FDIC insured. its a way of giving back to the community.
Also do searches online for grants. It will be tough but you may find something. Contact your local housing authority and ask if they have any grants.
I know recently in Fl, there is a town called Davie near ft lauderdale and they rolled out a $45K downpayment grant. A condo conversion specialist bought an older apartment complex, rehabbed it and sold all the units cheap at $175K with a 45k grant to those that quailfied. So really people got in for $130K. Plus I think he got kick backs to using it from the city. Of course there was rules, like having to have lived in Davie for over1yr and keeping the place for 5yrs before reselling as well as income requirements. But still was a great marketing tool for him and he sold out in less than 1month the 30units.