Weeks ago, President Bush almost didn't sign the housing bill that would provide a remedy for the housing slump, because of a particular provision in the draft where about $4 billion in funds are slated to shoulder the costs for redeveloping and rehabilitating foreclosed properties in communities hit hard by the foreclosure wave. Fortunately, succeeding events led to the eventual signing of the housing bill in the latter part of July.
Because of this, communities will now be able to help themselves purchase and redevelop foreclosed properties. But even before the bill was signed into law, the U. S. Department of Housing and Urban Development's (HUD) has already been helping communities through its Community Development Block Grant (CDBG) Program.
The CDBG is designed to address communities’ needs by providing them necessary resources during crucial times. Part of its mission is to make sure that residents with low to moderate incomes have decent and affordable housing, jobs, and get services depending on their needs.
You must've heard of this program already because the CDBG has been in operation since 1974. In fact, it is one of the longest-running programs at the agency. Many communities have already benefited from this. And now, it's adding another set of distressed communities in its list of beneficiaries.
If you are a resident of Indiana, Iowa, Wisconsin, or Texas, the HUD will be assisting your communities after the terrible ordeal that was the most recent storms and floods. More than $100 million will be allocated to community redevelopment and rehabilitation of damaged homes and infrastructures in the said states. Seeing that the first three mentioned states had the worst damage, HUD allocated one third of the $300 million emergency fund to jumpstart their recovery.
Iowa will be getting $85 million; Indiana with $10 million, and Wisconsin, $5 million.
Meanwhile, after being declared a disaster area, three counties in Texas will get federal assistance. Cameron, Hidalgo, and Willacy Counties will be eligible for temporary housing grants, home repairs, low-cost loans to cover uninsured property losses, and other programs to help families recover from the storms’ destructive effects. FHA-insured homes will be covered by a foreclosure time-out for 90 days.
HUD Secretary Steve Preston is making sure that all operations are expedited so that your communities get the necessary assistance as quickly as possible.
Housing Assistance Network - http://new.housingassistancenetwork.com - is a site that aims to help those who are in the low to moderate income brackets find financial assistance for housing, help in acquiring a new home, or grant programs from both state and non-government institutions.