E-Notes from the HUD's Detroit Field Office
U.S. Department of Housing & Urban Development
Toni D. Schmiegelow, Director - (313) 226-7900HUD News
The American Dream Down payment Initiative will provide an average down payment assistance grant of $5,000 to low-income families - this assistance, along with new regulations proposed by Secretary Martinez to lower closing costs for all Americans, will help to increase homeownership, particularly among minorities who continue to significantly lag behind historically high national homeownership rates. The American Dream Down payment Initiative will be administered under HUD's HOME Investment Partnerships Program (HOME). Since its inception, the HOME Program has played a vital role in addressing the shortages of affordable rental housing and homeownership in communities nationwide. For more information about the American Dream Down payment Initiative, visit http://archives.hud.gov/news/2002/addfund.cfm.
HOPE VI Funding Applications, The Notice of Funding Availability (NOFA) appears in the Federal Register and on HUD's website. Public housing authorities (PHAs) have until January 20, 2004 to compete for the Revitalization grants .
Elderly Americans in Oak Park, Michigan will soon find themselves living in upgraded apartments equipped to meet their physical needs thanks to a $2,277,622 grant from the U.S. Department of Housing and Urban Development. HUD announced the grant to help convert Prentis Jewish Apartments, Phase I in Oak Park from an existing multifamily project into assisted living facility for the elderly.
New FHA Mortgage Limits are in effect for St. Clair and Oakland Counties. Homebuyers can obtain an FHA-insured mortgage from a HUD-approved lender up to the new limit of $209,000 for a single-family dwelling, which is an increase of $34,000. HUD-approved lenders should consult HUD Mortgagee Letter 2003-13. HUD's Housing Choice Voucher Family Self-Sufficiency (HCV/FSS) Program provides funds to public housing agencies in Inkster $34,340, Plymouth $41,894, Westland $31,829 The Census Bureau released data showing that a new national homeownership quarterly record was set in the third quarter of 2003. The new rate of 68.4 percent surpasses the previous record of 68.3 set in the fourth quarter of 2002. The third quarter rate is an increase of 0.4 percent from the second quarter and means there are now 72,178,000 American families who own their own homes. This record homeownership rate is led by the Midwest Region where 73.5 percent owned homes in the third quarter. Minority homeownership was also up 0.4 percent in the third quarter. The rate of 49.3 percent means there are now 14,347,000 minority homeowners in the United States.
Detroit Empowerment Zone The Detroit Empowerment Zone selected 300 homeowners to receive home repair grants up to $10,000. The EZ will also award up to $3,000 to 150 applicants for down payment assistance and closing costs to purchase homes within the Empowerment Zone In October, the Michigan State Housing Development Authority (MSHDA) announced the award of federal Low Income Housing Tax credits to Carrot Way Apts. Ann Arbor, $25,438; Daystar Estates, Detroit, $1,066,003; and Devin Apts., Detroit, $464,214 .
HUD STREAMLINES MORTGAGE INSURANCE CERTIFICATE PROCESS. Federal Housing Commissioner John C. Weicher announced that HUD will no longer issue paper Mortgage Insurance Certificates (MIC) with the endorsement of a single family mortgage for insurance. See detail in the HUD Mortgagee Letter 2003-17.
Websites to Visit
Grants.Gov allows organizations to electronically find and apply for competitive grant opportunities from all Federal grant-making agencies. The Whitehouse Office of Faith-Based and Community Initiatives (http://www.whitehouse.gov/government/fbci/) keeps you up to date on efforts to even the playing field for faith based and community organizations as they compete for Federal funds. The Detroit Empowerment Zone (http://www.detez.com) web pages are full of the latest developments in this important revitalization effort.
Save the Dates
Michigan Conference on Affordable Housing, May 17-19, 2004.
|Content Archived: July 29, 2011|