Wednesday, October 1, 2008

Check Out Newly Released HUD Program Regulations

The passage of H.R. 3221, "Housing and Economic Recovery Act of 2008" into Public Law 110-289 awarded the U.S. Department of Housing and Urban Development (HUD) $3.92 billion dollars in neighborhood stabilization funds for communities to purchase foreclosed homes.

HUD released the distribution formula for the Neighborhood Stabilization Program Grants last Friday, September 26. Visit this link to learn vital information on the Neighborhood Stabilization Program Grants and to access the funding distribution.

On Monday, September 29 HUD released this Notice titled "Allocations, Application Procedures, Regulatory Waivers Granted to and Alternative Requirements for Emergency Assistance for Redevelopment of Abandoned and Foreclosed Homes Grantees under the 'Housing and Economic Recovery Act of 2008.'" These are the final regs. There was no comment period due to the tight timeline. A summary is forthcoming.

HUD must release regulations for Hope for Homeowners later today. Until then check out this Fact Sheet: "FHA to Provide Additional Mortgage Assistance to Struggling Homeowners" to learn more about the program.

Attend HUD's Summit on Housing: Partnering for Responsibility here in Washington, DC on October 7 and 8. Registration is required.

1 comment:

Avatar said...

The HOPE for Homeowners Act needs to pay less than 36.5 % of the face value of the subprime mortgage back securities. If more is paid the government loses money in the long run and owners of the securities profit now.