HUD to Award Housing Counselors $58m
Efforts to educate borrowers and promote responsible home ownership are growing, recently with a grant program for housing counselors that will give away 23% more government funds as last year. The US Department of Housing and Urban Development today announced more than $58m in grants for housing counseling agencies and state housing finance agencies that coach consumers on how to purchase or rent homes, avoid foreclosures, improve credit scores and qualify for reverse mortgages. "Now, more than ever, it is crucial that American families make informed decisions about their housing choices," says HUD Secretary Shaun Donovan in a media statement today. "These counseling agencies are also vital to the success of the President's Making Home Affordable Plan which is helping families avoid foreclosure and remain in their homes." HUD's grant program helps HUD-approved counseling agencies provide home ownership and financial literacy education. The $58m will be distributed to approximately 400 applicants: $47m will be awarded for comprehensive counseling, $8m will fund reverse mortgage counseling, $2m will support loan document review counseling and $1m will go toward fair lending and mortgage fraud analysis and counseling. Write to Diana Golobay.