HUD SECRETARY ANNOUNCES DISASTER ASSISTANCE FOR OHIO STORM VICTIMS
Foreclosure protection offered to displaced families in 21 counties
WASHINGTON - U.S. Housing and Urban Development Secretary Shaun
Donovan today announced HUD will speed federal disaster assistance to
the State of Ohio and provide support to homeowners and low-income
renters forced from their homes following severe storms and flooding in
April and May.
Yesterday, President Obama issued a disaster declaration for Adams,
Athens, Belmont, Brown, Clermont, Gallia, Guernsey, Hamilton, Hocking,
Jackson, Jefferson, Lawrence, Meigs, Monroe, Morgan, Noble, Pike, Ross,
Scioto, Vinton, and Washington Counties. The President's declaration
allows HUD to offer foreclosure relief and other assistance to certain
families living in these counties.
"Families who may have been forced from their homes need to know that
help is available to begin the rebuilding process," said Donovan.
"Whether it's foreclosure relief for FHA-insured families or helping
these counties to recover, HUD stands ready to help in any way we can."
HUD is:
- Offering
the State of Ohio and other entitlement communities the ability to
re-allocate existing federal resources toward disaster relief -
HUD's Community Development Block Grant (CDBG) and HOME programs give
the State and communities the flexibility to redirect millions of
dollars to address critical needs, including housing and services for
disaster victims. HUD is currently contacting State and local officials
to explore streamlining the Department's CDBG and HOME programs in
order to expedite the repair and replacement of damaged housing;
- Granting immediate foreclosure relief
- HUD granted a 90-day moratorium on foreclosures and forbearance on
foreclosures of Federal Housing Administration (FHA)-insured home
mortgages;
- Making mortgage insurance available
- HUD's Section 203(h) program provides FHA insurance to disaster
victims who have lost their homes and are facing the daunting task of
rebuilding or buying another home. Borrowers from participating
FHA-approved lenders are eligible for 100 percent financing, including
closing costs;
- Making insurance available for both mortgages and home rehabilitation
- HUD's Section 203(k) loan program enables those who have lost their
homes to finance the purchase or refinance of a house along with its
repair through a single mortgage. It also allows homeowners who have
damaged houses to finance the rehabilitation of their existing
single-family home; and
- Offering Section 108 loan guarantee assistance
- HUD will offer state and local governments federally guaranteed loans
for housing rehabilitation, economic development and repair of public
infrastructure.
- Information on housing providers and HUD programs -The Department
will share information with FEMA and the State on housing providers that
may have available units in the impacted counties. This includes Public
Housing Agencies and Multi-Family owners. The Department will also
connect FEMA and the State to subject matter experts to provide
information on HUD programs and providers.
Read about these and other HUD programs designed to assist disaster victims.
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