HUD SECRETARY ANNOUNCES DISASTER ASSISTANCE FOR ARKANSAS STORM VICTIMS Foreclosure protection offered to displaced families in37 counties
WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today announced HUD will speed federal disaster assistance to counties in Arkansas and provide support to homeowners and low-income renters forced from their homes following severe storms, tornadoes, and flooding.
Last week, President Obama issued a disaster declaration for Boone, Bradley, Calhoun, Carroll, Cleburne, Cleveland, Columbia, Conway, Cross, Dallas, Franklin, Fulton, Grant, Izard, Jackson, Johnson, Lafayette, Lawrence, Lincoln, Logan, Marion, Monroe, Nevada, Newton, Ouachita, Poinsett, Prairie, Pulaski, Randolph, Saint Francis, Scott, Sharp, Stone, Union, Van Buren, White, and Woodruff Counties. The President’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in this county.
“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” said 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.”
Making mortgage insurance available - HUD's Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs;
Making insurance available for both mortgages and home rehabilitation - HUD's Section 203(k) loan program enables those who have lost their homes 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; and
HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development ad enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.