Tag Archives: U.S. Department of Housing and Urban Development

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HUD Supports Native American housing in Arizona

The U.S. Department of Housing and Urban Development today awarded $563 million to 353 American Indian and Alaskan Native entities that represent 539 tribes across the U.S.  HUD awarded 16 Arizona Native American communities $127.5 million provided through the Indian Housing Block Grant (IHBG) Program.  These funds are distributed annually to eligible Indian tribes or their tribally designated housing entities for a broad range of affordable housing activities (see local grants).

“Hardworking American families in tribal communities should be able to live in communities where they have a fair shot to reach their potential,” said HUD Secretary Shaun Donovan. “The resources provided today will give these tribal communities the tools to maintain quality housing, prevent overcrowding, improve public safety and provide other basic building blocks of security and success.”

IHBG funds primarily benefit hardworking families, living on reservations or in other Native American communities, who don’t have the financial resources to maintain good homes, schools, or other key contributors to economic security.  The amount of each grant is based on a formula that considers local needs and housing units under management by the tribe or designated entity.

Indian communities can use the funding for a variety of housing activities, including building affordable housing; providing assistance to existing housing that was developed under the Indian Housing Program authorized by the U.S. Housing Act of 1937; or other activities that create new approaches to provide more affordable housing for Native Americans. The funding is also used to offer housing services to eligible families and individuals; and establish crime prevention and safety measures.  The block grant approach to housing was established by the Native American Housing Assistance and Self Determination Act of 1996 (NAHASDA).

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Obama releases September Housing Scorecard

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the September edition of the Obama Administration’s Housing Scorecard – a comprehensive report on the nation’s housing market. Data continue to show signs that the housing market is strengthening – home equity has increased by $860 billion since the end of 2011 and August had the highest level of existing home sales in more than two years – although officials caution that the overall recovery remains fragile.   The full Housing Scorecard is available online at www.hud.gov/scorecard.

“As the September housing scorecard indicates, our housing market is showing important signs of recovery – with homeowner equity at a four-year high and summer sales of existing homes at the strongest pace in two years,” said HUD Acting Assistant Secretary Erika Poethig. “The Administration’s efforts to keep housing affordable and refinances strong are critical with so many households still struggling to make ends meet. That is why we continue to ask Congress to approve the President’s refinancing proposal so that more homeowners can secure the help they need.”

“Tens of thousands of additional families benefit from the Administration’s programs every month, which offer some of the deepest assistance available to prevent foreclosures,” said Treasury Assistant Secretary for Financial Stability Tim Massad. “As the housing market continues to recover, we remain focused on helping eligible families access this assistance.””

The September Housing Scorecard features key data on the health of the housing market and the impact of the Administration’s foreclosure prevention programs, including:

· Rising home values have brought homeowner equity to its highest level since the third quarter of 2008 and helped lift 1.3 million families above water. Homeowner equity jumped $406 billion, or 5.9 percent, to $7,275 billion in the second quarter of 2012.  After a sharp first quarter rise, total equity has grown to $863 billion, or 13.5 percent, since the end of 2011. The number of underwater borrowers has declined by 11 percent since the end of last year, from 12.1 million in the 4th quarter of 2011 to 10.8 million in the second quarter of 2012.

The Administration’s foreclosure programs are providing relief for millions of homeowners as we continue to recover from an unprecedented housing crisis.  Nearly 1.3 million homeowner assistance actions have taken place through the Making Home Affordable Program, while the Federal Housing Administration (FHA) has offered more than 1.4 million loss mitigation and early delinquency interventions. The Administration’s programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals more than three million proprietary mortgage modifications through July.

· Homeowners entering HAMP continue to benefit from deep and sustainable assistance. As of August, more than one million homeowners have received a permanent HAMP modification, saving approximately $539 on their mortgage payments each month, and an estimated $15 billion to date. In August, 81 percent of homeowners with eligible non-GSE mortgages benefitted from principal reduction with their HAMP modification. Eighty-seven percent of homeowners entering the program in the last two years have received a permanent modification.