Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Housing News

HUD to distribute $42 million in grants for housing counseling

HUD expects to help hundreds of thousands of American households to learn about renting and buying, as well as counsel homeowners on scams as well as housing counseling to prevent foreclosures. The funds come from the 2012 fiscal budget and are separated by state.

New HUD grants

The Department of Housing and Urban Development (HUD) has announced an award of over $42 million to go toward housing counseling to support home buyers as well as prevent future foreclosures.

The grants are expected to support hundreds of thousands of households, through free assistance on avoiding mortgage scams as well as foreclosure scams, and teaching buyers how to rent or buy a home. The grants will be distributed to 468 state and local organizations.

Where the funds come from

In a struggling economy, it is important to know where government funds come from and go to, with this particular fund coming from the fiscal 2012 budget that restored HUD-approved housing counseling after funds were cut by Congress to aide that type of charitable works in 2011.

“These funds are complemented by the roughly $2.5 billion provided to the states as part of the $25 billion mortgage servicing settlement. Most states can use those funds for foreclosure prevention activities such as housing counseling and legal aid services,” HUD Secretary, Shaun Donovan said in a statement.

Advertisement. Scroll to continue reading.

Counseling millions of Americans

Donovan said, “Housing counseling works for families that are in need, but also for entire neighborhoods and our housing market more broadly.”

HUD says over 6 million families have been helped in the last three years by HUD-approved counselors, noting that roughly 90 percent of families who work with a housing counselor to avoid foreclosure and manage their money continue to live in their homes nearly 18 months after receiving assistance.

In a statement, HUD noted that “HUD awards annual grants under the housing counseling program through a competitive process. Organizations that apply for grants must be HUD-approved and are subject to monitoring and oversight to maintain their HUD-approved status.”

Full list of grants summarized and organized by state.

Advertisement. Scroll to continue reading.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.


Leave a Reply

Your email address will not be published. Required fields are marked *


American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.



Economic News

(BUSINESS NEWS) Ben Carson's initial appointment to HUD was controversial given his lack of experience in housing, but what is the pulse now?

Tech News

(TECH NEWS) There’s another new device that wants to help you keep your eyes on the road without missing a call, text, or navigation...

Housing News

After HUD announced changes to FHA short sales policies, they quickly recanted and postponed a ban on dual agency.

Housing News

FHA short sales are slow going and sometimes complex, with HUD making a substantial change to the process recently.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.