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May 2009 Region III NewsNews and information from HUD's Regional Office serving Delaware, District of Columbia, Maryland, Pennsylvania, Virginia, West Virginia
Deputy Regional Director's Message
During these tough economic times, I want to assure you that HUD is committed to helping people keep their homes. HUD Secretary Shaun Donovan has been engaged and active in crafting programs and initiatives to help stem the tide of foreclosures across the country. In February, the Making Home Affordable Plan (http://www.makinghomeaffordable.gov/) was unveiled and we can see progress already. Rates on 30-year mortgages dropped to record lows, below 5%, and refinancing applications are up 80%. A typical homeowner can now refinance and save around $2,000 a year, the equivalent of a major tax cut, and the plan's website has received almost 16 million page views.
The American Recovery and Reinvestment Act of 2009 is pumping more than 13.6 billion dollars into projects and programs administered by HUD across the country. Much of that money has been allocated to state and local communities. For a full accounting of what your locality is receiving, I invite you to visit the HUD website.
The Secretary recently unveiled the FY 2010 budget proposal (http://www.hud.gov/budgetsummary2010/index.cfm) for HUD. It focuses on responsibility, effectiveness, and transparency. The budget will allow HUD to effectively respond to the housing crisis through new efforts to strengthen FHA, curb mortgage abuse and predatory practices and increase counseling for homeowners at risk of foreclosure.
HUD is working with new programs and initiatives to help reduce foreclosures and it's charting a course for the future to continue its work in helping Americans stay in their homes as well as helping to shape new markets and methods in the production and preservation of affordable housing, the "greening" of residential housing, the regeneration of high poverty neighborhoods and the promotion of sustainable growth.
In this newsletter, we provide some stories of how HUD programs are helping people throughout Region III and we share HUD's financial investment in Region III for Fiscal Year 2008. We will continue to work with our partners and customers to provide safe, decent and affordable housing.
Brenda LarocheAbilities from Disabilities-the Krysti Bingham Foundation
How does a family provide a safe, nurturing and appropriate environment for their daughter who has cerebral palsy? The Binghams did it using a HUD program to develop a multifamily housing project that would house, not only their daughter Krysti, but other adults who share the same challenges as her.
HUD Family Self Sufficiency Funds Make Dreams Come True
Dreams of owning her own home had captivated Olivia Adams for as long as she could remember. Thanks to the Richmond Redevelopment and Housing Authority Family Self-sufficiency Program, that dream came true.
Midlothian Village Apartments Opens Neighborhood Computer Center in Richmond
Midlothian Village Apartment residents can now connect to the Internet through their own Neighborhood Network computer center. An enormous asset to the community, the center allows adults to gain job skills, expand their education and become economically self-sufficient.
Creating Affordable Homeownership with HUD's HOME Program
There's no place like home for a State College, Pennsylvania family. Thanks to HUD's HOME program Jason and Deanne could stop paying rent and buy a home for their growing family.
MUM Seniors "Strike" Out for Something New
A variety of social activities have captivated the seniors at Morgantown, West Virginia senior housing development. They are forming a bowling league which is not comprised of ordinary bowlers.
Investing in the Future
Content Archived: February 3, 2011