HUD Announces Relief Aid For Florida Storm Victims

Posted by Orb Staff on July 06, 2012 No Comments
Categories : Residential Mortgage

11929_florida HUD Announces Relief Aid For Florida Storm Victims The U.S. Department of Housing and Urban Development (HUD) is providing federal disaster assistance to Florida following last month's Tropical Storm Debby.

HUD announced that it is contacting state and local officials to explore streamlining the department's Community Development Block Grant and HOME programs in order to expedite the repair and replacement of damaged housing. HUD is also granting a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages and providing assistance under HUD's Section 203(h) program, which offers FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home.

Furthermore, HUD's Section 203(k) loan program is being used to aid those who have lost their homes with the ability to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home. In addition, HUD is offering state and local governments federally guaranteed Section 108 loans for housing rehabilitation, economic development and repair of public infrastructure.Â

Earlier this week, President Obama issued a disaster declaration for Florida's Baker, Bradford, Clay, Columbia, Franklin, Hernando, Highlands, Pasco, Pinellas, Suwannee and Wakulla counties.

‘Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,’ says HUD Secretary Shaun Donovan. ‘Whether it's foreclosure relief for FHA-insured families or helping these counties to recover, HUD stands ready to help in any way we can.’

Register here to receive our Latest Headlines email newsletter




Leave a Comment