NFCC granted largest of latest HUD housing counselor funds
The National Foundation of Credit Counseling received $3.3 million in grants, the highest payout from the Department of Housing and Urban Development's recent distribution to housing counselors. Earlier this week, HUD announced it plans to offer $73 million in grants to organizations helping first-time homebuyers purchase a property. The NFCC is the nation's largest nonprofit credit counseling organization. It received two grants. One for $1.7 million will be used to for comprehensive funding, and another $1.6 million will go to reverse mortgage counseling. A recent rule proposal from the Federal Reserve prohibited lenders from originating reverse mortgages for borrowers who had not received independent counseling on the product, but consumer advocates have said the rule still promotes predatory lending. More grants went to NFCC member agencies. In total, the groups received $13 million of the available funds from HUD. Helene Raynaud, vice president of housing programs for the NFCC, said the money will help borrowers facing serious housing issues. "Since the demand for housing counseling remains high, this money will allow NFCC Agencies to continue meeting the needs of consumers," Raynaud said. Write to Jon Prior.