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HUD Releases $3 Billion In Emergency Funding To Mississippi
WASHINGTON – Housing and Urban Development Secretary Alphonso Jackson today announced he is releasing $3 billion to the state of Mississippi to help thousands of homeowners in the state to recover from Hurricane Katrina. Last April, HUD approved Mississippi’s plan that is part of $5 billion allocated in Community Development Block Grant (CDBG) funding to help the state in its long-term recovery efforts. Jackson will make a televised statement on the release of these funds this afternoon (see details below).
Today’s release of funds means thousands of qualified homeowners in Mississippi will shortly be receiving up to $150,000 to help them recover from Hurricane Katrina. The remaining $2 billion in CDBG funding will be made available to Mississippi once the State submits an amendment to its action plan for HUD’s review.
"Today we take another step closer toward helping make Mississippi homeowners whole again," said Jackson. “Throughout this process, Mississippi was intent on getting this money to the very people who need it most. I’m confident that with the appropriate safeguards in place, Mississippians have created a homegrown plan to rebuild their local communities.”
Mississippi Governor Haley Barbour said, "I am grateful to HUD for approving our plan and pleased that today's release of funds will get essential money into the hands of coastal homeowners who desperately need the help."
A Reverse mortgage is also known as HECM
Section 255: Home Equity Conversion Mortgages (Reverse Mortgages, a.k.a. HECM) allows a borrower aged 62 and older to borrow against the equity in a property that has limited outstanding debt. A subject property under this program must be an existing one-to four-unit dwelling in which the mortgagor occupies one of the units. It may be a condo if in a FHA approved project. Manufactured homes are eligible if the home complies with outstanding FHA guidance.
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Definition:
A feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use; may be natural (like location, Woods, water) or man-made (like a swimming pool or garden).
Deed
Definition:
The document that transfers ownership of a property
Deed-in-lieu
Definition:
To avoid foreclosure ("in lieu" of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt; this process doesn't allow the borrower to remain in the house but helps avoid the costs, time, and effort associated with foreclosure.
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