Mortgage

HUD earmarks $43 million for housing counseling agencies

Adds additional $2.5 million for counselor training

The Department of Housing and Urban Development has set aside $43 million to fund grants for hundreds of housing counseling organizations, the agency announced Friday.

The grants will be used to help HUD-approved agencies counsel consumers on things like buying a first home, finding affordable rental housing, obtaining a reverse mortgage or avoiding foreclosure of eviction.

On top of the $43 million, HUD announced it will award an additional $2.5 million to support basic and specialized training for housing counselors.

Every year, HUD awards funds to support housing counseling. Last year, the agency earmarked $47 million for this purpose, while in 2017 agencies received $50 million and in 2016 they were granted $42 million.

HUD said that every dollar it spends on housing counseling generates to six dollars from state and local agencies. It added that it expects the grants to help more than one million households receive counseling.

“HUD-approved housing counselors can make all the difference in helping families find and keep stable housing,” said HUD Secretary Ben Carson. “Research demonstrates that housing counseling helps people make informed housing choices and can be the best preventative medicine to avoid housing problems down the road.”

 

 

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