HUD

3,100 agencies submit 2008 annual reports documenting efforts to hire low-income residents

March 8, 2010 -- WASHINGTON – More than 3,100 state and local government agencies have responded to the U.S. Department of Housing and Urban Development’s campaign to expand hiring and contracting opportunities for low-income persons. As a result of the effort, three out of four HUD-funded state and local agencies submitted required annual reports, the largest response since HUD made Section 3 reporting mandatory.    » read more »

FY2011 Request: $41.6 billion; FY2010 Enacted: $43.6 billion

The Department of Housing and Urban Development (HUD) is committed to supporting home ownership, increasing access to affordable housing free from discrimination, and supporting innovative and sustainable community development.

The President’s Budget provides $48.5 billion in program funding to support HUD’s core programs and new initiatives to achieve these important goals while protecting taxpayer dollars and reducing costs through stronger risk management and reform of inefficient programs. This funding will be offset by estimated collections of $6.9 billion from responsible credit premiums charged for HUD mortgage insurance and other credit enhancements.    » read more »

Budget Focuses On Fiscal Discipline, Investing In People And Places

February 1, 2010 -- WASHINGTON - U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan today unveiled the Department’s fiscal year 2011 budget proposal, following President Barack Obama’s presentation of his Administration-wide budget. The HUD budget focuses on fiscal discipline, creating jobs and builds on the administration’s first year accomplishments by proposing reform in HUD’s housing and community development programs to make them more streamlined, efficient, and accountable.    » read more »

Administration Updates Documentation Collection Process and Releases Guidance to Expedite Permanent Modifications

January 28, 2010 -- WASHINGTON – As part of the Administration's ongoing housing market stabilization plan, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released updated guidance for servicers participating in the Administration's mortgage modification program. This guidance refines the documentation requirements in order to expedite conversions of current trial modifications to permanent ones.    » read more »

Congressman Rangel Hails Funding for Energy-Efficiency Renovations on 135th Street Multi-Family Housing Project.

January 25, 2010 -- Congressman Charles Rangel was pleased to learn recently that the Obama Administration's first stimulus award for funding "green" apartment renovations will serve Northern Manhattan.

The award-- a $3.6 million federal housing loan to New-York based developer Jonathan Rose Companies-- is part of the U.S. Department of Housing and Urban Development's (HUD) energy-efficiency renovations program for multifamily housing.    » read more »

January 26, 2010 -- WASHINGTON – Congressman Dennis Cardoza said today he had lost confidence in the top housing official in the Obama Administration, U.S. Housing and Urban Development Secretary Shaun Donovan.

The three biggest cities in Congressman Cardoza’s district – Merced, Stockton, and Modesto – have the 3rd, 5th, and 6th highest foreclosure rates in the country, respectively. These cities also rank in the top 6 cities nationwide for unemployment rates.

“After personally coming to my community and pledging support to me and my constituents, HUD developed criteria to provide assistance that overlooked the region that needed the most help. This is absolutely unacceptable and reflects complete incompetence,” said Congressman Cardoza in a letter to Secretary Donovan.    » read more »

Mortgagee Review Board underscores FHA’s stepped up lender enforcement efforts

January 25, 2010 -- WASHINGTON – The Federal Housing Administration’s Mortgagee Review Board (MRB) today announced that it is immediately and permanently withdrawing the FHA approval of three mortgage lenders and is suspending a fourth.

The MRB withdrew the FHA approval of Strategic Mortgage Corporation (Strategic), ProMortgage Inc., and Americare Investment Group Inc. (doing business as Premier Capital Lending. Additionally, the MRB has suspended the FHA approval of Home Mortgage, Inc. (HMI) of Burr Ridge, Illinois.    » read more »

Lender faulted for gross violations of FHA underwriting standards

January 25, 2010 -- WASHINGTON – The Federal Housing Administration’s Mortgagee Review Board (MRB) today immediately and permanently withdrew the FHA approval of Premium Capital Funding, LLC, a Jericho, New York-based lender doing business as TopDot Mortgage. Today’s action prevents TopDot from participating in FHA programs and seeks a monetary penalty of $674,000.    » read more »

January 22, 2010 -- WASHINGTON – Homeowners with FHA-insured mortgage loans who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments. Previously, these homeowners were not eligible for such assistance until after they had missed payments.

The Helping Families Save Their Home Act of 2009 signed into law by President Obama expanded FHA’s authority to use its loss mitigation tools to assist FHA borrowers avoid foreclosure to include those facing ”imminent default” as defined by the Secretary. FHA today issued guidance to FHA-approved loan servicers on how to assist these FHA borrowers.    » read more »

Funds to Revitalize Neighborhoods and Create Jobs

Philadelphia, PA -- January 14, 2010 -- Today U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan announced that the City of Philadelphia has been awarded $43.9 million in Recovery Act funding to stabilize neighborhoods with high levels of foreclosure, vacant housing and the blight those factors can cause.

The award is from the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program (NSP) and is funded through the American Recovery and Reinvestment Act of 2009.    » read more »

Announce More Than $46 Million in Federal Recovery Act Funding to Help Rebuild New Jersey Neighborhoods

January 15, 2010 -- WASHINGTON, D.C. – Senators Frank R. Lautenberg and Robert Menendez today announced the U.S. Department of Housing and Urban Development (HUD) has awarded the City of Camden and a consortium of applicants led by the City of Newark more than $46 million in new federal funding through the Neighborhood Stabilization Program (NSP) from the American Recovery and Reinvestment ACT (ARRA).

The NSP program provides funding to redevelop unsafe and abandoned structures and convert foreclosed and vacant properties into affordable housing.    » read more »

Measure to help bring stability to home values and accelerate sale of vacant properties

January 15, 2010 -- WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties.

The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.    » read more »

Stabilization grants to help neighborhoods recover from the housing crisis

January 14, 2010 -- WASHINGTON – U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan announced today that HUD is awarding $2 billion in Recovery Act funding to states, local governments and non-profit housing developers, under HUD’s Neighborhood Stabilization Program (NSP), to spur economic development in hard-hit communities and create jobs. Nearly 60 grantees are receiving awards. A full list of grants awarded today can be found on HUD’s Recovery Act website.    » read more »

Levin Announces More than $223 Million for Michigan Housing; Funds Made Available by the American Recovery and Reinvestment Act

January 14, 2010 -- WASHINGTON -- U.S. Senator Carl Levin announced $223,875,399 in federal funding for the Michigan State Housing Department Authority to restore neighborhoods affected by foreclosures and abandonment. The funding is from the U.S. Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program and was made available by the American Recovery and Reinvestment Act.

The funds will primarily target cities with distressed housing market conditions, specifically Detroit, Highland Park, Hamtramck, Wyandotte, Flint, Saginaw, Pontiac, Lansing, Battle Creek, Kalamazoo, Grand Rapids and Benton Harbor.    » read more »

Announces Standards For State Compliance With SAFE Act; Establishing standards for registration and licensing of mortgage loan originator

December 15, 2009 -- WASHINGTON – The U.S. Department of Housing and Urban Development today announced publication of a proposed rule setting the minimum standards that states must meet to comply with the Secure and Fair Enforcement Mortgage Licensing Act of 2008 (SAFE Act) in licensing loan originators. The proposed rule is posted in today’s Federal Register and on HUD’s website.    » read more »