The U.S. Department of Housing and Urban Development has granted more than $40 million to 334 regional and local housing counseling organizations adding to continuous efforts to promote financial education among existing and future homeowners.
According to the federal agency, combined with additional funding, these grants are expected to assist more than 1.6 million households in their efforts to find
More specifically, over $38 million in grant funds will directly support the housing counseling services provided by 27 national and regional organizations, 8 multi-state organizations, 22 State Housing Finance Agencies and 277 local housing counseling agencies.
HUD’s new mobile app allows smartphone and tablet users to locate housing counselors in their own area.
Another $2 million is earmarked for two
HUD’s new Office of Housing Counseling helped streamline the grant application process making “a number of procedural improvements” to facilitate participation for all the HUD-approved counseling organizations.
HUD Secretary Shaun Donovan reiterated the long-term effect of this type of financing based on evidence showing “that housing counseling works.”
Last year, two HUD reports on the impact of HUD-approved housing counseling for first time homebuyers and foreclosure risk homeowners found housing counseling significantly improved the likelihood homeowners remained in their homes.
Grants will be used to help homebuyers and homeowners evaluate and understand their financing and downpayment options, direct them to find affordable rental housing and offer financial literacy training to individuals and families struggling to repair credit problems, as well as counseling to homebuyers and renters, assist senior citizens seeking reverse mortgages and assist borrowers with their loan documentation, and negotiate with lenders and loan servicers.
