An additional $3.5m was awarded to organizations to train and certify housing counselors
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The Department of Housing and Urban Development has announced that it awarded $47 million in housing counseling grants to help families find and keep their homes.
The grants will directly support the housing counseling services provided by 31 national and regional organizations, six multi-state organizations, 19 State Housing Finance Agencies (SHFAs), and 207 local housing counseling agencies.
The agency also awarded an additional $3.5 million to four national organizations to train and certify additional housing counselors.
“HUD-approved housing counselors are on the front lines, guiding people through their first home purchase and the ups and downs of homeownership,” HUD Secretary Ben Carson said. “Their efforts give families a real opportunity to realize their dream of owning a home is obtainable by offering advice on affordable rental housing, home financing, and tools to prevent foreclosure.”
The grants are distributed through national and regional agencies to community-based organizations that assist low- and moderate-income families.
According to HUD, research it conducted as well as by the Federal Reserve Bank of Philadelphia and the Urban Institute show that counseling improves housing outcomes for homebuyers, homeowners, and renters.
Grant recipients help households find affordable rental housing and offer financial literacy training to individuals and families struggling to repair credit problems that restrict their housing options. The organizations also assist homeless persons in finding the transitional housing they need to move toward a permanent place to live. Finally, grantees also assist senior citizens seeking reverse mortgages.
In addition, housing counseling agencies assist borrowers in reviewing their loan documentation to avoid potential mortgage scams and provide foreclosure prevention counseling to help homeowners facing delinquency or default avoid foreclosure.
