Monday, Mar 19 2012 8:53AM
The U.S. Department of Housing and Urban Development's grants will help organizations and agencies provide housing counseling to renters and homeowners.
Hundreds of nonprofit organizations and public agencies will receive $42 million in housing counseling
grants offered by the U.S. Department of Housing and Urban Development (HUD).
HUD Secretary Shaun Donovan announced the agency will make the grants available to help local, regional and national organizations in assisting new and current homeowners stay in their homes through housing counseling programs.
Additionally, renters and homeless residents will receive financial assistance, families and individuals will receive financial literacy courses and senior citizens will be aided with reverse mortgages and Home Equity Conversion Mortgages.
"The HUD-approved counseling agencies this funding supports are crucial in helping struggling families on a one-to-one basis to manage their money, navigate the homebuying process, and secure their financial futures," said Donovan.
Foreclosures remain an issue for millions of homeowners nationwide. One state that has dealt with rampant foreclosure activity in recent years is California.
Rural Community Assistance Corporation received nearly $1 million in comprehensive HUD housing counseling grants during fiscal year 2012 to help homeowners, renters and families in West Sacramento, California.
For further information, check out this source: U.S. Department of Housing and Urban Development