More Federal Grants To Help Housing And Fight Foreclosures

The Federal government is getting pro-active in helping homeowners fight foreclosures

. The Obama administration has announced that $73 million will be used to aid families who want to retain their homes.

This was announced by Shaun Donovan, HUD secretary. He announced that $73 million will be split as grants for 500 organizations that give counseling services which help families combat foreclosure or help them find alternative housing. This comes as sweet news to homeowners facing troubles in housing. Housing counselors are especially helpful in the area of getting loan modification. As pointed out by Donovan, studies reveal that homeowners aided by a counselor are twice as likely to get a loan modification and avoid foreclosure as others who are not.

The new $73 million corpus of funds was a 22% increase over spending levels done in 2009. It was a credit to President Obama who fought for the increase in funding despite a tight fiscal situation.

For instance, the Virginia Beach Community Development Corporation as well as 2 other institutions in Hampton roads got federal funds for counseling homeowners on foreclosures and loan modification. The Virginia Beach Corporation, which gives aid to medium and low income households in the town, got $46,307 by HUD grant.

About the total grant of $73 million to 500 organizations, Shaun Donovan commented that these were at the frontline to help families struggling to retain their homes. The amount was $13 million more than the funds given in 2009.

The grants were made of around $68 million ear marked for counseling as well as $5 million for 3 national institutions to train counselors numbering 4500. A part of the fund might be used particularly for helping elderly homeowners who are trying to draw equity from their homes by indulging in reverse mortgages.

Statewide, organizations numbering 18, including the Virginia Housing development Authority located in Richmond, got the funds from HUD for counseling.

In Hartford, the Community Renewal Team has got more than $40,000 in grants from the HUD to help families fight foreclosures. Mayor Pedro E. Segarra lauded President Obamas continued efforts to help families receive housing counseling and, thus, help stabilize neighborhoods and help the community.

Last year, Connecticut communities were awarded an extra $9.3 million in form of funds, including Hartford, which was trying to reverse the effects of foreclosures. The grants consist of a third round of funding via the Neighborhood Stabilization Program.

by: Dywon Erick Dylon

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