HUD Encourages Consumers to Understand Loans and Shop for Best Cost

HUD Secretary Alphonso Jackson recently proposed mortgage reform in order to help consumers gain a better understanding of loan terms, and thus make more educated decisions during the home buying process. This action works to ensure that loan terms and closing costs that homeowners or homebuyers pay during the process or refinancing or purchasing a home are adequately disclosed and explained. With a greater understanding of the process, HUD hopes to improve the currently unclear and complicated situation facing homebuyers and homeowners today.

For more information on this story, please visit: http://www.hud.gov/news/release.cfm?content=pr08-033.cfm&CFID=4115041&CFTOKEN=52052542

$27 Million Awarded by HUD as Aid to New Orleans

According to HUD, New Orleans will receive over $27 million in order to support affordable housing and community development efforts. Additionally, the funding will provide assistance to first-time homebuyers trying to make down payments, and also be part of the proactive solution to help the homeless as well as those with HIV/AIDS to obtain housing.

This funding is part of HUD’s Community Development Block Grant (CDBG) Program, which has provided over $120 billion to state and local governments to support community development initiatives.

For more information on this, and other HUD initiatives, please visit: http://www.hud.gov/news/release.cfm?content=pr08-034.cfm&CFID=4115041&CFTOKEN=52052542

100th Homeowner for HUD of New Orleans

In New Orleans, HUD’s 100th homeowner, Rachelle Taylor, was presented with a basket filled with 100 housewarming gifts. This celebration marked Rachelle’s first-time homeownership, as she joined 99 other low-income families in New Orleans who became first-time homeowners with the help of federal programs. The Housing Authority of New Orleans (HANO) has encouraged the use of the Section 8 Housing Choice Voucher Homeownership Program, which allows Section 8 voucher holders to use them toward monthly mortgage payments and utilities, in order to achieve the American dream of owning a home.

For more information on this story, and HANO, please visit: http://www.hud.gov/news/release.cfm?content=pr08-035.cfm&CFID=4115041&CFTOKEN=52052542