Skip to main content

HUD makes $1 billion in grants available

National Mortgage Professional
May 07, 2008

House to consider Neighborhood Stabilization Act of 2008 MortgagePress.comHR 5818, Rep. Maxine Waters, Neighborhood Stabilization Act of 2008 This weel, the U.S. House of Representatives is slated to consider HR 5818, the Neighborhood Stabilization Act of 2008, this week. The bill, sponsored by Rep. Maxine Waters (D-CA), requires the Secretary of Housing and Urban Development to make grants and loans to qualified states, in accordance with HUD-approved plans, to carry out eligible housing stimulus activities. The legislation allows states, local government, and nonprofit organizations to use the loans. The Act imposes the following limitations on the proposed HUD loans: Limits the use of such loans to: (1) Purchasing or financing the purchase of qualified foreclosed housing for resale as housing for homeownership to families having incomes of up to 140 percent of the median income for the area in which the housing is located; (2) rental of such housing only by families whose incomes do not exceed 100% of such median income in the area; and (3) rehabilitation of such property for the purpose of reselling it within three months at a price as close as possible to its acquisition price. Limits the use of grants to: (1) Property holding and operating costs; (2) property-related acquisition costs; and (3) state-related administrative and planning costs. Requires the Secretary, by regulation, to prohibit the use of such grants or loans for: (1) Political activities; (2) advocacy; (3) lobbying, whether directly or through other parties; (4) counseling services; (5) travel expenses; and (6) preparing or providing advice on tax returns. Requires the use of such grants to provide housing only for families with: (1) Very low-income; and (2) extremely low-income. Prohibits a loan or grant recipient from discriminating against a prospective tenant because the individual holds a voucher or certificate of eligibility under section 8 (public housing rental assistance) of the United States Housing Act of 1937. Conditions the use of such loans or grants on a shared appreciation agreement between the federal government and the owner of such housing regarding the federal share of proceeds from its sale or disposition. Directs the Secretary to require a state to reimburse the Treasury for amounts of any misused funds. The Act is listed on the House schedule for consideration as early as May 7, 2008. For a copy of HR 5818, click here.
Published
May 07, 2008
KBRA Assigns Preliminary Ratings To SEMT 2021-6

Pool Of 497 First-Lien Loans Combined Have A Principal Balance Of Nearly $449M

Industry News
Sep 16, 2021
Fugo Appoints Bahlman As VP, Client Relations & Sales

Brings 19 Years of Experience To Texas-Based Back-Office Support Company

Industry News
Sep 16, 2021
Envoy Mortgage Expands To Atlanta

Envoy Mortgage lender expanded its Southeast operations to Atlanta, GA.

Industry News
Sep 15, 2021
FHFA Suspends Controversial PSPA Amendments

Today, the FHFA will be suspending controversial provisions added to the Preferred Stock Purchase Agreement (PSPA) on January 14, 2021.

Industry News
Sep 15, 2021
Covius Holdings To Acquire Nationwide Title Clearing

All 670 NTC Employees, Including Senior Management, Will Join Covius

Industry News
Sep 14, 2021
MBA Appoints AVP Of Diversity, Equity, & Inclusion

Promotes Amber Lawrence From Position As Associate Director Of Career Development Programs

Industry News
Sep 14, 2021