The Department of Housing and Urban Development (HUD) has announced $42 million in housing counseling grants to 468 national, regional and local organizations. These grants are intended to help families find housing and avoid foreclosure.
According to the press release HUDno.12-055, “Housing counseling grants will assist families in becoming homeowners, many for the first time, and remaining homeowners after their purchase. They also provide assistance to renters and the homeless, and offer financial literacy training to individuals and families.”
These grants are awarded to local and regional housing counseling agencies, which in turn offer counseling services to those looking to find or keep their homes.
“The HUD-approved counseling agencies this funding supports are crucial in helping struggling families on a one-to-one basis to manage their money, navigate the homebuying process, and secure their financial futures,” according to HUD Secretary Shaun Donovan, who adds, “We fought hard to persuade Congress to restore funding for housing counseling in HUD’s budget and now we’re working to make these important resources available as quickly as possible.”
Those interested in reverse mortgages may also benefit from this funding. According to the press release, “Counseling agencies will also receive $4 million to help assist senior citizens seeking reverse mortgages or Home Equity Conversion Mortgages (HECM). These agencies will provide counseling for the rapidly growing number of elderly homeowners who seek to convert equity in their homes into income that can be used to pay for home improvements, medical costs, and other living expenses.”