The U.S. Department of Housing and Urban Development (HUD) is providing more than $40 million to housing counseling programs.
According to HUD, the grants will be awarded competitively to hundreds of HUD-approved counseling agencies and state housing finance agencies that offer a variety of services including how to avoid foreclosure, how to avoid mortgage scams, how to purchase or rent a home, how to improve credit scores, and how to qualify for a reverse mortgage. HUD will award grants to approximately 500 applicants.
‘The HUD-approved counseling programs this funding will support not only help families make more informed choices about buying or renting, [but] it is crucial in helping thousands of families avoid foreclosure and remain in their homes,’ says HUD Secretary Shaun Donovan. ‘We fought hard to persuade Congress to restore funding for housing counseling in HUD's fiscal year 2012 budget, and I'm pleased that they did so. We will now work to make these important resources available to help families as quickly as possible.’