HUD Recognizes Importance of Faith-Based Contributions in Fighting Homelessness

According to HUD, faith-based organizations are making a significant difference in the efforts by the Bush Administration to combat and reduce homelessness, especially among veterans. In 2002, the Administration announced an initiative to end homelessness, and declared the effort a national priority. In 2007, HUD announced nationwide grants of $1.5 billion to support this effort, and since 2003, HUD has provided funding for over 42,000 permanent, new, supportive housing beds, which were mainly created through community and faith-based organizations. Indeed, community and faith-based organization have proved to be a vital part of and a major player in reaching this nationwide goal.

To read more details on this story, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-093.cfm&CFID=13229746&CFTOKEN=34913332

Foreclosures Increase, Work to Combat it Slows

A recent report from Hope Now, the mortgage industry alliance of lenders, showed that help provided to homeowners in order to avoid foreclosure decreased 7% in the month of May. The slowdown in efforts is described as a result of increasing foreclosures, and a flurry of activity which the alliance must work to catch up to. As industry experts look to the future, it is predicted that this trend will continue for the next 18 months.

For the complete story, please visit:
http://money.cnn.com/2008/07/02/news/economy/hope_now_update/index.htm?section=money_realestate

Housing Bill to Overhaul FHA

A housing-rescue plan is in the works between President Bush and Congress, in order to help homeowners who are unable to make mortgage payments to avoid foreclosure. Part of the deal being considered involves a $300 billion plan to back cheaper loans for those at risk, as well as an overhaul of the FHA, which President Bush supports. As the mortgage market continues to slump, the Administration remains optimistic that changes such as those in the Housing Bill could lead to much needed relief for homeowners.

To read the complete story, please visit: http://money.cnn.com/2008/07/01/news/economy/bush_housing_deal.ap/index.htm?section=money_realestate