FHA to Provide Foreclosure Prevention to Detroit Area

According to HUD, action is being taken to create a means for lenders to assign their non-performing FHA-insured mortgages to HUD and a join venture partner that specializes in keeping families who are at risk of foreclosure to keep their homes. By doing this, HUD also aims to reduce the number of additional properties that are becoming vacant. This program will allow FHA lenders to submit an insurance claim with the FHA when the borrowers are in default, instead of waiting for foreclosure, and then to assign the mortgage instead of turning the vacated hope over to HUD.

For the complete details, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-101.cfm

Senate Prepares to Pass Housing Bill

According to an article by CNN, the Senate has recently reached new strides in the plans to pass a comprehensive bill on housing and foreclosure prevention, after months of debate. The bill would create a new government-backed foreclosure prevention program, as well as bolster the oversight of Freddie Mac and Fannie Mae. Before the housing bill is actually passed and completed, a final debate is still likely to take place in the House.

To read the details on the housing bill, please visit: http://money.cnn.com/2008/07/10/news/economy/senate_housing_vote/index.htm?section=money_realestate

HUD Awards Over $17M For Low-Income Elderly Housing

More than $17 million in “pre-development” grants were recently announced by HUD, to be given to senior housing developments in 30 states in order to jump start their housing projects. It is hoped that the funding will allow the organizations to accommodate the complex scope of work that comes with providing housing to the elderly population in their communities. There is an 18 month period during which those project sponsors who were awarded a “pre-development” grant are required to complete the processing of their elderly housing projects.

To read the complete story, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-097a.cfm