HUD Announces $455M In Housing Grants

The US Department of Housing and Urban Development announced $450 million in housing block grants to support affordable housing, as well as another $5 million for Native Hawaiians. The Indian Housing Block Grants will be used to help Tribes carry out affordable housing activities to protect the safety and health of their Tribal members and communities during the Covid-19 pandemic. The list of tribes receiving the grants can be found here. Indian Housing Block Grants pay for housing development, operation and maintenance, modernization of existing housing, housing services to eligible families and individuals, housing management services, crime prevention and safety activities, and model activities that provide creative approaches to solving affordable housing problems in Indian Country. “With the enactment of the…

Did Secretary Fudge Violate The Hatch Act?

Housing and Urban Development Secretary touched off a mini political storm last week when she answered a political question in the White House briefing room, raising concerns that she violated the Hatch Act in the process. The Hatch Act prohibits executive branch employees from engaging political activity as part of their government work. They can do political work, but it must be separated from their government jobs. Fudge was in the White House briefing room Thursday with Press Secretary Jen Psaki when she was asked by a reporter about the race to succeed her in Congress. She declined to answer, but was then asked about the Ohio Senate race. Here is how she responded when asked if there were any…

White House Promotes Rescue Plan Housing Benefits

The White House took to Twitter on Thursday to promote the housing-related benefits included in the $1.9 trillion American Rescue Plan. Here’s what they had to say: Across the country, millions of Americans are struggling to keep a roof over their head. Here’s a breakdown of how the American Rescue Plan will help:— The White House (@WhiteHouse) March 18, 2021 The American Rescue Plan provides more than $21.5 billion in emergency rental assistance to help millions of families keep up on their rent and remain in their homes.— The White House (@WhiteHouse) March 18, 2021 The bill includes $10 billion to help homeowners behind on their mortgage and utility payments — helping avoid foreclosures.— The White House (@WhiteHouse) March 18,…

Secretary Fudge’s Welcome Remarks At HUD

The Department of Housing and Urban Development posted a welcome video from new Secretary Marcia Fudge, who was sworn in Wednesday after being confirmed by the Senate earlier in the day. Here is her video: And here are the remarks: A good home shapes nearly every part of our lives. It’s where we start and end each day. It’s where we raise our families and come together in times of joy. It’s where we find shelter and comfort during times of hardship. The past year has reminded us just how important it is to have a safe and stable place to call home. But, right now-for millions of Americans-that sense of security and peace of mind is out of reach.…

Senate Confirms Fudge As HUD Secretary

The Senate voted 66-34 on Wednesday to confirm former Rep. Marcia Fudge as the Secretary of Housing and Urban Development, as the nation’s housing market faces major challenges in the coming months with the end of bans on evictions and foreclosures. “I’m honored to serve as the 18th Secretary of Housing and Urban Development,” Fudge said in her welcome remarks. “I am proud to join a group of public servants who work with compassion and determination to change the lives of those in need. And I can’t wait to get started.” Last week, the Consumer Financial Protection Bureau reported that millions of Americans face foreclosure and eviction from their homes once housing pandemic protections come to an end. The CFPB…

CFPB Says Millions Face Foreclosure, Evictions

Millions of Americans face foreclosure and eviction from their homes once housing pandemic protections come to an end, according to a report released Monday by the Consumer Financial Protection Bureau. The CFPB found that nearly 11 million families are behind on rent or mortgage payments, with 8.8 million behind on rent and 2.1 million behind on their mortgages. That accounts for nearly $90 billion in missed mortgage payments. The report also found: Black and Hispanic families are more than twice as likely to report being behind on housing payments than white families.While mortgage forbearance has dropped foreclosures to historic lows, 1 million homeowners are more than 90 days behind on payments and are likely to experience severe financial hardship when…

Feds Release $1B In Affordable Housing Funds

Fannie Mae and Freddie Mac will disburse $1.09 billion in affordable housing grants for the year – more than double the funding released last year, the Federal Housing Finance Agency announced Monday. The U.S. Department of Housing and Urban Development’s Housing Trust Fund will receive $711 million, while $383 million will go to the Treasury Department’s Capital Magnet Fund. The Housing Trust Fund allocates money annually to states and state-designated entities for the production or preservation of affordable housing through the acquisition, new construction, reconstruction, and rehabilitation of housing. The Capital Magnet Fund awards money to finance affordable housing activities, as well as related economic development activities and community service facilities. “The more than $1 billion disbursed today will help…

FHFA Extends Eviction, Foreclosure Bans

The Federal Housing Finance Agency on Thursday announced extensions on the bans on foreclosures and evictions, bringing Fannie Mae and Freddie Mac policies in line with others recently announced by the federal government. Enacted in response to the Covid-19 pandemic, the moratoriums on single-family foreclosures and real estate owned evictions will be in place until June 30, 2021, FHFA announced. The foreclosure moratorium applies to Fannie and Freddie-backed, single-family mortgages. The REO eviction moratorium applies to properties that have been acquired by a Fannie or Freddie through foreclosure or deed-in-lieu of foreclosure transactions. FHFA also announced that borrowers may be eligible for an additional three-month extension of Covid-19 forbearance, allowing borrowers to be in forbearance for up to 18 months.  …

HUD Extends Eviction, Foreclosure Bans

The Biden Administration announced Tuesday that it will extend the Federal Housing Administration’s foreclosure and eviction moratoriums into the summer, while also extending mortgage forbearance options. The ban on foreclosure and evictions will be in place through June 30, the Department of Housing and Urban Development announced. The Office of Public and Indian Housing also is planning to announce similar relief for Native American and Native Hawaiian homeowners. “As President Biden has made clear, it is urgent that we help homeowners throughout the nation who are struggling financially from this unprecedented national emergency,” Acting HUD Secretary Matthew Ammon said. “The steps we are taking today will provide both immediate relief to those in desperate need of assistance and help more…

FHA Now Accepting DACA Home Loans

By Adam Luehrs For millions of people, owning their own home is a crucial part of the American Dream. Not only does owning a home allow people to build wealth through home equity, but there are also tax breaks available for home buyers. For generations, immigrants who may have entered the United States illegally have been prevented from buying property. Primarily because they don’t have Social Security numbers, immigrants have struggled to gain access to the financial resources they need to make home ownership a reality. However, a change made on January 19, 2021 by the Trump administration has opened the door for DACA recipients, often referred to as “Dreamers,” to get Federal Housing Administration loans to help in their…