HUD Provides $54 Million to Help Missouri Recover from Last Year’s Severe Storms

WASHINGTON – U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan today allocated $400 million in emergency aid to help communities in eight states to recover from presidentially declared natural disasters in 2011.

HUD Provides $79 Million to Help North Dakota Recover From Last Year’s Devastating Floods

WASHINGTON – U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan today allocated $79.3 million in emergency aid to help North Dakota communities recover from last year’s devastating flooding.

HUD AWARDS $6.8 MILLION TO HELP LOCAL COMMUNITIES UNDERSTAND THE SCALE OF HOMELESSNESS IN THEIR AREAS

WASHINGTON – The U.S. Department of Housing and Urban Development today awarded $6.8 million to help local communities across this country to assess the nature and scope of their homeless challenge as part of a broader Administration goal of preventing and ending homelessness. The technical assistance grants awarded today will ultimately help state and local planning organizations or ‘continuums of care’ to improve data collection and reporting that is a critical part of designing their responses to homelessness.

First Round of Pilot Rental Initiative Completed with 2,500 Homes Sold

The first round of winners has been
selected to purchase foreclosed real estate from Freddie Mac and Fannie
Mae.  The Federal Housing Finance Agency
(FHFA) announced today that 2,500 single family homes had been awarded to successful
bidders under a pilot initiative to convert real estate acquired by the two
government sponsored enterprises (GSE) through foreclosure into rental property. 

Successful candidates for purchasing properties
from the GSE’s real estate portfolio (REO) had undergone several steps in a
qualification process before being permitted to bid on the houses which they had
to agree to hold and rent for a period of time before reselling. 

The properties were offered in sale
pools which were geographically concentrated in various locations across the
United States.  The GSEs, FHFA and other federal
agencies involved, Departments of Treasury, Housing and Urban Development,
Federal Deposit Insurance Corporation and the Federal Reserve, had several
goals
for the program.  They hoped to
relieve the GSEs of the costs and administrative burdens of managing thousands
of foreclosed properties, alleviate the blight imposed on communities by large
number of vacant and possibly deteriorating properties, increase the rental
stock, while at the same time not flooding the market with distressed
properties.

 FHFA described the response to the pilot
initiative as “robust with strong qualified bidder interest.”  Some 4,000 responses were received to the
initial “Request for Information” issued by the program sponsors last February,
however beyond announcing that the awards had been made FHFA released no
information on the names or even the numbers of successful bidders.

“FHFA
undertook this initiative to help stabilize communities and home values in
areas hard-hit by the foreclosure crisis,” said Edward J. DeMarco, Acting
Director of FHFA. “As conservator of Fannie Mae and Freddie Mac, we believe
this pilot program will assist us in achieving our objectives and help to
maximize the benefit to taxpayers. We are pleased with the response from the
market and look forward to closing transactions in the near future.”

…(read more)

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SENIOR ADMINISTRATION OFFICIALS LEAD WHITE HOUSE FORUM ON SUSTAINABLE COMMUNITIES

WASHINGTON – The Obama Administration today convened a meeting with more than 50 local government and business leaders to discuss the role of sustainability in economic development and job creation. The gathering coincided with the third anniversary of the creation of the Partnership for Sustainable Communities, a landmark collaboration between the U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Transportation (DOT) and the U.S. Environmental Protection Agency (EPA).