Skip to main content

Public Housing Authorities Receive $57 Million in HUD Support

NationalMortgageProfessional.com
Jan 03, 2014

The U.S. Department of Housing & Urban Development (HUD) awarded nearly $57 million in grants to help residents receiving housing assistance through the Housing Choice Voucher Program to gain access to education, job training and employment. HUD’s Housing Choice Voucher Family Self-Sufficiency Program (HCV-FSS) helps public housing authorities across the country to hire or retain more than one thousand service coordinators who will work directly with families to connect them to the supportive services that meet their individual needs and to become gainfully employed. “This is a modest investment that can make a world of difference for families looking to find their path to self-sufficiency,” said HUD Secretary Shaun Donovan. “As America’s economy continues to recover, it’s critical that we work to make sure every American has the skills and resources they need to successfully compete for jobs in the 21st Century.” The service coordinators retained or hired through these programs work directly with residents to connect them with local organizations that provide education and job training and placement opportunities; as well as childcare, counseling, transportation and computer and financial literacy services available in their community. Both programs encourage innovative strategies that link public housing and Housing Choice Voucher assistance with other resources to enable participating families to find employment; increase earned income; reduce or eliminate the need for rental and/or welfare assistance; and make progress toward achieving economic independence and housing self-sufficiency. Participants sign a five-year contract that requires the head of the household to obtain employment and no longer receive welfare assistance at the end of the five-year term. As the family’s income rises, a portion of that increased income is deposited in an interest-bearing escrow account. If the family successfully completes its FSS contract, the family receives the escrow funds that it can use for any purpose, including paying educational expenses, starting a business or paying debts.
Published
Jan 03, 2014
Embattled Boston, Dallas Fed Chiefs To Resign

Stepping down early amid criticisms of personal stock trades made during the pandemic

Regulation and Compliance
Sep 28, 2021
The Fed: Tapering Could Start In November

Open Market Committee also expects to raise federal funds rate a year earlier, in 2022

Regulation and Compliance
Sep 23, 2021
HUD, FHFA: Freddie Mac Can Buy Group Home-Backed Loans

Agencies issue rule clarification after a mortgage lender refused to lend to an individual renting to a group home

Regulation and Compliance
Sep 23, 2021
Fannie Mae Plans To Restart Credit Risk Transfers In 2021

Paused Since March 2020, New CRT Transactions To Begin In October

Regulation and Compliance
Sep 21, 2021
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021