Marcia L. Fudge, secretary of the U.S. Department of Housing and Urban Development, is unexpectedly resigning due to personal circumstances.
Her exit comes after three years at HUD’s helm, having served for almost all of the Biden presidency.
Fudge attributed her decision to her 92-year-old mother, with whom she wants to spend more time, and says she has no plans to run for office again.
“It’s time to go home,” Fudge told USA Today. “I do believe strongly that I have done just about everything I could do at HUD for this administration as we go into this crazy, silly season of an election.”
Fudge will be just one of a few cabinet members to leave the Biden administration, giving…
The U.S. Department of Housing and Urban Development commemorated Black History Month by highlighting its impact on the Black community.
“This Black History Month, we celebrate all that Black Americans have contributed to our great nation,” Secretary Marcia Fudge said in a statement.
“As the 18th Secretary of Housing and Urban Development and a student of history, today I honor the legacy of one of my personal heroes, Dr. Mary McLeod Bethune. Dr. Bethune was a scholar, activist, and champion of racial and gender advancement. Despite being born Black and a woman in America at a time when both groups were denied equal protection under the law, she worked tirelessly to change our country for the better. Like Dr. Bethune,…
The Federal Housing Administration introduced a new offering to help struggling homeowners avoid foreclosure.
The offering, called the Payment Supplement, is a loss mitigation home retention option available to borrowers with FHA-insured single-family mortgages.
Payment Supplement gives mortgage servicers a tool to reduce the borrower’s monthly payment by up to 25% without modifying the rate by using funds from a Partial Claim, enabling the borrower to access up to 30% of the outstanding balance of their mortgage.
The claim amount is placed in a junior lien and paid back when the homeowner sells or refinances, or when the mortgage otherwise terminates.
“HUD uses every tool in our toolkit to ensure we can help struggling borrowers avoid foreclosure,” said HUD Secretary…
By KIMBERLEY HAAS
Federal officials and members of the mortgage industry are mourning the loss of David Stevens, who helped the country navigate the aftermath of the 2008 housing crisis before serving as president and CEO of the Mortgage Bankers Association for seven years.
Stevens worked as the Federal Housing Administration Commissioner at the U.S. Department of Housing and Urban Development under former President Barack Obama. There from 2009 to 2011, he focused on restoring the administration to fiscal health and was a key player in drafting housing policy, according to an article by Reuters.
HUD Secretary Marcia Fudge said on Wednesday in a statement, “This country is better because of David’s service and contributions.”
“Over the course of his…
U.S. Department of Housing and Urban Development Secretary Marcia Fudge testified before the House Committee on Financial Services this week, emphasizing the department’s progress in tackling the affordability crisis.
“When this Administration began, conditions were bleak. During the COVID-19 pandemic, millions of Americans lost or had little access to quality, safe, and affordable housing. Many more were at severe risk of losing their homes,” Fudge said in prepared remarks.
“Now, three years later, HUD has made historic strides to provide direct housing assistance, expand opportunities for homeownership and affordable rental housing, root out discrimination in housing, and build strong and resilient communities in urban centers and rural areas, alike.”
Fudge noted, however, that the need for HUD assistance is “ever-growing.”…
By KIMBERLEY HAAS
Officials at the U.S. Department of Housing and Urban Development have awarded funding from a program established by the Inflation Reduction Act to owners of assisted multifamily housing properties and the money is going to climate-related investments.
The act, signed into law by President Joe Biden on Aug. 16, 2022, has done little to reduce inflation but is considered the most significant policy action on clean energy in United States history. It established the Green and Resilient Retrofit Program, providing HUD with $837.5 million in grant and loan subsidy funding and $4 billion in loan commitment authority.
According to a press release issued on Wednesday, money from the program will enable building owners to invest in geothermal…
By SCOTT KIMBLER
Leaders at the U.S. Department of Housing and Urban Development have unveiled their proposed budget for FY 2024 and say funds will be directed at solving the nation’s housing crisis.
Secretary Marcia Fudge said in a statement that the proposed budget will help ensure every American has access to housing.
“The budget invests in Americans at every station in life – from those seeking to purchase a home to those who receive HUD rental assistance – and will ensure families across the country can live in communities that are safe, affordable, and resilient,” Fudge said.
HUD Deputy Secretary Adrianne Todman said during a press call that the budget reflects the Biden administration’s values and provides a blueprint…
By KIMBERLEY HAAS
The Biden administration has announced a reduction on mortgage insurance premiums in a move they say could benefit an estimated 850,000 borrowers over the coming year.
New borrowers who take out loans insured by the Federal Housing Administration will see the effects of the reduced premiums, according to a press release.
The premiums will be reduced from 0.85% to 0.55% for most homebuyers, which could mean an estimated savings of $678 million for American families by the end of 2023, according to officials.
Vice President Kamala Harris and Department of Housing and Urban Development Secretary Marcia Fudge made the announcement in Bowie, Md., on Wednesday.
White House officials said the average homebuyer in Prince George’s County –…
Officials at the U.S. Department of Housing and Urban Development have opened a portal for local government leaders to request technical assistance so housing needs are considered as part of their larger infrastructure investment plans.
The Thriving Communities technical assistance program was designed to help local government leaders identify land for housing development near transportation projects, develop preservation and anti-displacement strategies, reduce barriers to location-efficient housing, improve intergovernmental coordination, and support a holistic approach to housing and transportation.
HUD Secretary Marcia Fudge said they are working with local government leaders, transit authorities, metropolitan planning organizations, the private sector, and community-based organizations.
“A thriving community is intentional about building and preserving affordable housing near public transportation and leveraging infrastructure investments to…
By KIMBERLEY HAAS A new proposed rule meeting President Joe Biden’s call to fully enforce the Fair Housing Act was announced by officials at the U.S. Department of Housing and Urban Development on Thursday. “Affirmatively furthering fair housing means more than merely steering clear of housing discrimination violations,” Demetria McCain, principal deputy assistant secretary for fair housing and equal opportunity, said in a statement. “Today, HUD is taking new, bold action to eliminate the historic patterns of segregation that continue to harm American families. This action will help make the purpose of the Fair Housing Act reality by making it easier for local communities to identify inequities and make concrete commitments to address them.” According to a press release, the rule…
