HUD Awards $40M in Housing Counseling Grants – Reverse Mortgage Daily
- June 17, 2020
Excerpt from Reverse Mortgage Daily details HUD housing counseling grant awarded to GreenPath Financial Wellness
The Department of Housing and Urban Development (HUD) awarded nearly $40 million in counseling grants to agencies across the country, including GreenPath Financial Wellness,
According to the HUD announcement, housing counseling agencies approved by HUD will use grant funds to support a series of counseling services designed to assist both individuals and families seeking to buy a first home; find affordable rental housing; or avoid eviction or foreclosure.
“HUD-approved housing counseling agencies are on the front lines of helping individuals and families struggling financially as a result of the COVID-19 pandemic,” said HUD Secretary Ben Carson in a press release announcing the funding. “These housing counselors help individuals and families in need to get mortgage payment relief assistance now, and to take the steps necessary to save their homes in the future.”
Funding as part of the HUD housing counseling grant will assist homebuyers in evaluating their readiness for a home purchase and navigating through the home buying process.
Nearly half of the award recipients are state and local counseling agencies that received preference because they will provide counseling to both individuals and families within designated Opportunity Zones, according to HUD.
“Today’s funding reinforces HUD’s commitment to the important role counseling plays in helping families make responsible choices to address their housing needs,” said Acting Federal Housing Commissioner Len Wolfson in the Department’s statement. “In the midst of the COVID-19 pandemic, HUD-approved counselors are there to assist millions of homeowners and renters nationwide and help them keep a roof over their heads.”
GreenPath Financial Wellness, a Michigan-based organization which conducts reverse mortgage counseling, reacted with appreciation to the news of the grant disbursements.
“We appreciate HUD’s ongoing support of GreenPath’s housing counseling services, which are so critical to the financial health of homeowners across the country,” said GreenPath President and CEO Kristen Holt in a statement to RMD. “COVID-19 has introduced new levels of need and uncertainty. Millions of people are on mortgage forbearances that will be ending later this year. And we know they’ll need help in exploring their financial options moving forward.”
Successful applicants that are awarded a comprehensive counseling grant are eligible to receive funding for reverse mortgage counseling, according to HUD’s funding notice.
In Fiscal Year 2019, HUD-approved housing counseling agencies served 1,015,911 households. Approximately 52 percent of those households were minorities, including 38 percent African American and 10 percent identified as multiple races. Additionally, 19 percent of households served were Hispanic.
Read the complete article at Reverse Mortgage Daily.
GreenPath Housing Counseling
GreenPath housing counseling services provide support for housing decisions of all kinds
Counseling for prospective reverse mortgage borrowers guides the borrower through the process that come with a reverse mortgage, in addition to helping the borrower understand how they can best meet their financial goals.
Our goal is to help you understand all your options so you can feel confident and make an informed decision.
It may be helpful to speak with one of our experienced HUD certified counselors.
Call today for a free counseling session: 888-995-HOPE(4673)