HOPE (and Help) for Homeowners
Targeted to families struggling to keep up with their mortgages, under the Housing and Economic Recover Act of 2008, HUD Secretary Steve Preston has launched HUD's new Hope for Homeowners program as "another resource to refinance into a loan they can afford." Beginning October 1st, 2008 and ending September 30, 2011, the program's available only to owner occupants and will offer 30-year fixed rate mortgages - so the borrower's last payment will be the same as the first payment. In many cases, to avoid what would be an even costlier foreclosure, lenders will have to write down the existing mortgage - originated on or before January 1st of 2008, to 90 percent of the new appraised value of the home. To be eligible, borrowers must not able to pay their existing mortgage without help and, as of March 2008, their total monthly mortgage payments due were more than 31 percent of their gross monthly income. As the first step, interested borrowers should contact their current lender. For more, visit www.hud.gov/foreclosure
"On the Way"
Secretary Preston also has announced Neighborhood Stabilization Program allocations of $28.1 million to Washington and $19.6 million each to Alaska, Idaho and Oregon to tackle "foreclosure and declining property values." The Housing & Economic Recovery Act of 2008 allows funds to be used to acquire land and property, demolish or rehabilitate abandoned properties, offer closing cost help to homebuyers at or below 120 percent of area median income or form land banks to assemble and dispose of vacant land for redevelopment. For more, visit www.hud.gov/nsp. "Help," said the Secretary, "is on the way."
September was a good month - a very good month - for HUD partners in the Northwest. The Organized Village of Kasaan and the Tribal Government of St. Paul Island in Alaska, the Confederated Tribes of Siletz Indians, the Umatilla Reservation Housing Authority and Community & Shelter Assistance Inc. of Oregon and the Makah Tribe and Southeast Puget Sound Tribal Housing Authority won HUD Rural Housing & Economic Development grants totaling $2.1 million. The Bremerton and King County housing authorities each won grants to open Neighborhood Network computer learning centers. Northwest Indian College in Bellingham, Yakima Valley Community College and the Interior Aleutian campus of the University of Alaska at Fairbanks won HUD university program grants totaling $2.1 million. And, the Seattle, King County and Bremerton housing authorities won a total of $50.5 million - more than half the funds awarded nationwide - to revitalize their public housing. "Our partners," Regional Director John Meyers noted, "had a far better September than the Mariners did."
Jed Crowder installed as president of Idaho Association of REALTORS . . .Portland Housing Authority celebrates completion of $16.9 million Humboldt Garden public housing revitalization project. . .Jennifer Kilgus named Region X administrator for Small Business Administration. . .Lummi Tribe opens 40-bed Youth Academy that, says one resident, will help "keep our heads on". . .City of Boise opens Family Resource Center to "accelerate" transition to self-sufficiency. . .Korean Women's Association breaks ground for 62-unit complex for the elderly in Federal Way. . .Oregon's Umpqua CDC wins NeighborWorks "green grant" to promote environmentally friendly homes. . .Idaho Housing & Finance wins 3rd Key Foundation homebuyer education grant. . .Everett cuts ribbons for two new apartment complexes for homeless families. . .Doors open at 24-unit Friendship Gardens assisted living complex in Spokane.
News to Know
Monday, September 29th Federal Register at http://edocket.access.gpo.gov/2008/E8-22793.htm publishes fiscal year 2009 Fair Market Rents.
Mortgage market's crumbling, right? Not at FHA. With four months left in 2008, FHA's already endorsed twice as many mortgages in Region X - Alaska, Idaho, Oregon & Washington - as in all of 2007. Or 2006. Or 2005. Find out why FHA's the place smart homebuyers go for safe, sound mortgages at www.fha.gov
To the Seattle/King County Housing Consortium's Carla Okigwe, Community Frameworks' Linda Hugo, Housing Hope's Edwin Petersen, Shorebank Enterprises'Sue Taoka, CTED's Lisa Vatske, Spokane contractor Mark Lundgren and the Grant County housing authority for being honored as "Friends of Housing" at the 2008 Housing Washington conference in Tacoma.
Brief Briefs Too
HUD endorses 20,000th HECM reverse mortgage in Region X Residents of Anchorage's Mountain View neighborhood cheer demolition of gas station to make way for credit union, the area's first banking institution in 20 years. . .Vernonia and Columbia County awarded Oregon CDBG funds to continue recovery from last winter's storms.. .Agriculture Secretary Schafer awards grants to "spread the use of farmers markets" in Bellingham, Redmond and Grangeville, Idaho . . . Salem-Keizer CDC showcases HOME-funded Mill Creek affordable housing . . .New Neighborhood Network computer center opens in Boise. . .Seattle celebrates 20th year of Neighborhood Matching Fund that's awarded 3,000 grants worth over $42 million. . .Cook Inlet Housing Authority cuts ribbon on 80-unit Grass Creek Village in Anchorage.
Habitat for Humanity Washington hosts Mainstream Green conference October 3rd to 4th in Tacoma (www.habitatwa.org/mainstreamgreen/)
Oregon Housing & Community Services holds annual conference October 6th to 8th in Salem (www.oregon.gov/OHCS/conference.shtml)
HUD's Office of Native American Programs hosts environmental review training October 7th to 9th in Anchorage (www.hud.gov/apps/calendar/event.cfm?state=ak&record=8846&scheduleID=
Federal Reserve Bank of San Francisco holds Homeownership Forums on October 9th in Hood River, October 10th in Portland, October 14th in Salem, October 15th in Eugene and October 16th in Hillsboro (www.frbsf.org/community/resources/2008/0403/index.html)
Center for Economic offers courses on Economic Development Strategic Planning October 9th & 10th and on Basic Economic Development October 13th to 16th, both in Anchorage (www.akbedc.uaa.alaska.edu)
Oregon Microenterprise Institute hosts Northwest Summit on Entrepreneurship October 16th & 17th in Portland (www.frbsf.org/community/resources/2008/1016/index.html)
Association of Idaho Cities hosts 22nd annual Energy & Green Building Conference October 22nd to 24th in Boise (www.idahocities.org/)
Affordable Housing Management Association of Washington offers workshops on "Practical Fair Housing for On-Site Personnel" October 28th in Bothell, October 29th in Spokane and October 30th in Bremerton (www.ahma-wa.org)
HUD Boise hosts Fair Housing Act training on October 30th (www.hud.gov/apps/calendar/event.cfm?state=ak&record=8920&scheduleID =8681&calendarID=5)
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