in News > Residential Mortgage
print the content item
The U.S. Department of Housing and Urban Development (HUD) has announced that it will provide $12.7 million in funding to produce affordable housing for low-income native Hawaiian families as part of the department's Native Hawaiian Housing Block Grant.

According to its annual housing plan, the Department of Hawaiian Home Lands will use the funds to increase the affordable housing inventory on Hawaiian home lands through infrastructure development (mass grading, drainage, streets, utilities, etc.) and house construction including "sweat equity" projects. The funds will also be used to reduce the purchase price of housing by providing direct assistance to eligible families through down payment assistance, principal reduction subsidies, low/no interest rate loans and matching funds for Individual Development Accounts.

"The Native Hawaiian people and their culture are the foundation for the way of life we enjoy in Hawaii," says Sen. Daniel Inouye, D-Hawaii. "Unfortunately, like so many in this country, there are those in the Native Hawaiian community who have difficulty accessing affordable housing and taking the steps necessary to realize homeownership. I would like to thank [HUD Secretary Shaun] Donovan and the administration for helping the Department of Hawaiian Home Lands fulfill their critical mission of providing shelter for Native Hawaiian families.”


Agfirst_id


Latest Top Stories

FHFA Clarifies Rep And Warranty Framework

"We know that the [existing] Representation and Warranty Framework did not provide enough clarity to enable lenders to understand when Fannie Mae or Freddie Mac would exercise their remedy to require repurchase of a loan," said Mel Watt, director of the FHFA.


Mounting Indicators Prove Housing 'Recovery' Illusory

While there are some signs that things are improving, in reality there are mounting indicators that another housing downturn is near.


Wingspan Lays Off Employees At Two Call Centers

"It is in the nature of our work with large financial institutions to wrap up specific contracts for services and to have brief periods of time before new contracts begin," Wingspan officials said in a statement.


IDS Reports Spike In HELOC Volume In 2014

The firm is forecasting that if volumes stay at current levels, HELOC loan doc draws this year could exceed those of 2013 by nearly 65%.


CFPB Fines Flagstar Bank $37.5 Million For Mortgage Servicing Violations

In a statement, Richard Cordray, director of the CFPB, says the action taken against Flagstar "signals a new era of enforcement to protect consumers against the cost of servicer runarounds."

Urban Lending_id1351
Hse SandyHook
Industry Resource
Play for Pink
MBATX_id1385
SWBC_id1313
Safeguard_id1322
BSI_id1381