July 2013: HUD Funds Twenty Eight Housing Counseling Agencies

HUD Funds Twenty Eight Housing Counseling Agencies

FOR IMMEDIATE RELEASE--Elizabeth City State University’s Community Development Program is one of 28 of the state’s housing counseling agencies to receive federal funding to support its public services. The community Development Program received $19, 643.00 which Morris Autry, director of the Community Development Program, said will be used to support ongoing counseling and home buyer education sessions. The sessions are designed to help prospective homebuyers become knowledgeable of process of purchasing homes.

As part of its continuing effort to assist families and individuals with their housing needs and to prevent future foreclosures, the U.S. Department of Housing and Urban Development (HUD) recently announced that the 28 North Carolina housing counseling agencies will receive $503,499 in critical funding as part of the more than $40 million in to 334 national, regional and local organizations. In addition to the funding to these state and local agencies, HUD is awarding nearly $29 million to national, regional and multi-state counseling agencies that may also have an impact in North Carolina communities.

As a result of these grants and the additional funding they help leverage, more than 1.6 million households will have a greater opportunity to find housing, make more informed housing choices or keep their current homes. See list of all counseling agencies awarded funding today.

"The HUD-approved counseling agencies this funding supports are crucial in helping families manage their money, navigate the homebuying process, and secure their financial futures,” said HUD Secretary Shaun Donovan. “The evidence is clear that housing counseling works. These grants are a smart investment to help families and individuals find and keep housing which helps promote neighborhood stability in the long term."

"These housing counseling grants in North Carolina provide direct and tangible assistance to assist families towards homeownership and more importantly helps to preserve current owners in their homes. It provides the kind of concrete brick by brick assistance that provides hope of a better future while also contributing to the neighborhood and community as a whole", said HUD Southeast Regional Administrator Ed Jennings, Jr.

HUD studies show the effectiveness of housing counseling. Last year, HUD released two reports on the impact of HUD-approved housing counseling for families who purchase their first homes and those struggling to prevent foreclosure. In both studies, HUD found housing counseling significantly improved the likelihood homeowners remained in their homes.

Housing counseling agencies support fair housing by assisting borrowers in reviewing their loan documentation, to avoid potential mortgage scams, unreasonably high interest rates, inflated appraisals, unaffordable repayment terms, and other conditions that can result in a loss of equity, increased debt, default, and even foreclosure. Likewise, foreclosure prevention counseling helps homeowners facing delinquency or default employ strategies, including expense reduction, negotiation with lenders and loan servicers, and loss mitigation, to avoid foreclosure.

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For more information on the HUD housing counseling grants, contact Joseph J. Phillips, (678) 732-2943

Kesha Williams

Director of Media Relations| University Relations and Marketing

Elizabeth City State University

1704 Weeksville Rd. | Elizabeth City, NC  27909

Phone:  252.335.3686 | Fax:  252.335.3769

Email:  kdwilliams@mail.ecsu.edu | www.ecsu.edu