WASHINGTON – July 6, 2012 – U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan says HUD will speed federal disaster assistance to Florida counties and support homeowners and low-income renters forced from their homes due to Tropical Storm Debby that hovered over Florida last month.
The aid applies to the Florida counties under President Obama’s disaster declaration. The list includes: Baker, Bradford, Clay, Columbia, Franklin, Hernando, Highlands, Pasco, Pinellas, Suwannee and Wakulla counties. The disaster declaration frees HUD to offer foreclosure relief and other assistance to certain families living in these counties.
“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” said Donovan.
• Re-allocate existing federal resources to be used for disaster relief. HUD’s Community Development Block Grant (CDBG) and HOME programs are flexible, and millions of dollars could be redirected to address critical needs, including housing and services for disaster victims. More info.
• Grant immediate foreclosure relief. HUD announced a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages. Read more.
• Make mortgage insurance available. HUD’s Section 203(h) program provides FHA insurance to disaster victims who have lost homes and face the task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs. More info.
• Insure for home rehabilitation in a single mortgage. HUD’s Section 203(k) loan program allows those who have lost a home to finance the purchase or refinance a house, along with repair costs, through a single mortgage. It also allows homeowners to finance the rehabilitation of their existing single-family home. Read more.
• Offer Section 108 loan guarantee assistance. HUD offers state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure. Read more.
• Coordinate benefits. HUD will help dislocated families by sharing information with FEMA and the state about available space, including Public Housing Agencies and multi-family owners. Read more.
© 2012 Florida Realtors®
Reprinted with permission. Florida Realtors®. All rights reserved.