HUD Announces Disaster Relief for Storm Victims

HUD Announces Disaster Relief for Storm Victims

09/16/2013 BY: HUGH MOORE

HUD Secretary Shaun Donovan announced Monday that HUD will speed relief efforts to homeowners and low-income renters who have been affected by recent flooding, landslides, and mudslides in Colorado. Since President Obama declared Adams, Boulder, Larimer, and Weld counties disaster areas last week, HUD is now authorized to provide foreclosure relief and other assistance to families and individuals affected by the flooding.
“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” Donovan said. “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.” HUD has already granted a 90-day moratorium on foreclosures and forbearance on foreclosures of FHA-insured home mortgages in the affected counties.HUD will also offer FHA insurance to families who have lost their home. Borrowers from FHA-approved lenders will be eligible for 100 percent financing. In addition, HUD will allow the state of Colorado to redirect federal funds to disaster relief. HUD is currently working with state officials to streamline the state’s Community Development Block Grant (CDBG) and HOME Investment Partnership grants to reallocate money for critical needs.
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