HUD announced today the recipients of $47 million in Housing Counseling program grants for fiscal year (FY) 2018. The funding will go to 255 different housing counseling agencies, including 17 state HFAs, who combined will receive just over $9 million in grants. HUD also released a list of agencies that were awarded funding and a comprehensive summary of each grant award.
These grants will support programs that provide low- and moderate-income consumers a variety of counseling services, including educating first-time home buyers about their options, helping families secure affordable rental housing, and offering financial literacy training to those who have experienced credit troubles. Many HFAs also offer foreclosure prevention counseling to help struggling borrowers remain in their homes. HFAs often act as HUD counseling intermediaries for their states, partnering with locally based organizations to assist low- and moderate-income borrows in communities throughout their states.
HUD estimates that the FY 2018 grants will support housing counseling and education services for nearly 1 million American households. Last year, HUD published a study that found that housing counseling can help homeowners who fall behind on their mortgage payments avoid foreclosure and that new homebuyers who received housing counseling were more likely to stay current on their mortgage payments. HUD is conducting further research intended to improve the effectiveness of housing counseling and education programs.
Those state HFAs receiving Housing Counseling program grants for FY 2018 include: Connecticut Housing Finance Authority, Georgia Housing and Finance Authority, Idaho Housing and Finance Association, Indiana Housing and Community Development Authority, Kentucky Housing Corporation, Louisiana Housing Corporation, MaineHousing, Michigan State Housing Development Authority, Mississippi Home Corporation, North Dakota Housing Finance Agency, New Hampshire Housing Finance Authority, New Jersey Housing and Mortgage Finance Agency, New York State Housing and Community Renewal, Pennsylvania Housing Finance Agency, Virginia Housing Development Authority, Virgin Islands Housing Finance Authority, and Washington State Housing Finance Commission.
HUD also awarded today $3.5 million in housing counseling training grants to four national and regional organizations (the National Community Reinvestment Coalition, Inc., National Council of La Raza, NeighborWorks America, and the Rural Community Assistance Corporation). This funding will be used to train housing counselors nationwide.