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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 68 March 2024 J O U R N A L Through this program, HUD and VA's mission is to end homelessness by assist- ing veterans and their families in obtaining permanent and sustainable housing with access to high-quality healthcare and supportive services, and to ensure that homelessness is otherwise prevented. According to the U.S. Interagency Council on Homelessness (USICH), the number of veterans experiencing homeless- ness has fallen by 11% since early 2020—the most significant decline in more than five years. There are currently more than 110,000 HUD-VASH vouchers being administered by 700-plus PHAs. Since 2008, HUD has issued new HUD-VASH vouchers every year. Additionally, more than 81,000 of those total vouchers are actively under lease by HUD-VASH veterans, with many additional veterans having been issued vouchers and currently searching for housing to lease. In late 2023, the VA called on mortgage servicers to pause foreclosures until May 31, 2024. The pause provides VA borrowers with an opportunity to access the VA Ser- vicing Purchase (VASP) program, where the VA will modify and purchase qualify- ing loans in default to provide meaningful payment assistance to VA borrowers in financial distress. "The foreclosure pause is badly needed as veteran borrowers have had no meaningful alternatives to foreclosure for over a year," said Steve Sharpe, Senior Attorney at the National Consumer Law Center (NCLC). "We applaud VA and the Biden administration for taking necessary steps to protect veteran families, and we look forward to the release of VASP." The nation's vets were recently spotlighted on Capitol Hill before the U.S. House Committee on Veterans' Affairs, Subcommittee on Economic Opportunity during a hearing entitled "Sink or Swim? A Deep Dive Into the Current State of VA's Home Loan Program in a Compet- itive Market." Among those delivering testimony were John E. Bell, Executive Director, Loan Guaranty Service, U.S. De- partment of Veterans Affairs, on behalf of Veterans Benefits Administration; Edward J. DeMarco, President, Housing Policy Council; Mark Jones, 2024 Chairman of the Mortgage Bankers Association (MBA) and President of Union Home Mortgage; and Sharpe, representing the NCLC. According to Jones' testimony before the House Subcommittee, the VA's share of total U.S. loan originations in the mortgage market comprises approximately 10%. VA originations totaled nearly 1.4 million loans in 2020 and, by contrast, just over 590,000 loans in 2022. "The VA Home Loan Program is a benefit program that Veterans have earned through service and sacrifice and that is meant to give them housing stability," Sharpe said. "We applaud VA for recog- nizing the problems that its borrowers are facing and for implementing a foreclosure pause. However, the pause is only meaning- ful if VA puts options in place that Veterans can access before losing their homes." HUD AWARDS $39M+ TO PREVENT SAFETY HAZARDS T he U.S. Department of Housing and Urban Development (HUD) has announced a $39 million award to city, county, and Native American tribal governments, and nonprofit organi- zations in 15 states to protect children and families from home health hazards. HUD is providing these grants through its Healthy Homes Production Grant Program to identify and mitigate health and safety hazards in the homes of families of low income. In 1999, in response to a Congressio- nal directive over concerns about child environmental health, HUD launched its Healthy Homes Initiative (HHI) to protect children and their families from housing-related health and safety hazards. HUD has developed a Healthy Homes Strategic plan that lays out the next steps the Department will take to advance the Healthy Homes agenda nationwide. "We are pleased so many local and nonprofit leaders are interested in partic- ipating in this grant program in order to make the homes of low-income people saf- er and healthier," HUD Secretary Marcia L. Fudge said. "Our partners are acting to intentionally address home-health and safety hazards and HUD is proud to support them." HUD's HHI grants protect families and children by eliminating significant health and safety hazards and support the development of local workforces to hire housing renovation contractors and healthy housing practitioners to complete critical healthy homes work. The grants focus on researching and demonstrating low-cost, effective home haz- ard assessment and intervention methods, as well as on public education that stresses ways in which communities can mitigate hous- ing-related hazards. The Healthy Homes Demonstration Program and Healthy Homes Technical Studies are the Office of Lead Hazard Control and Healthy Homes (OHHLHC's) two grant programs. Eligible activities may include: » Developing low-cost methods for haz- ard assessment and intervention » Evaluating the effectiveness of interven- tions » Building local capacity to educate resi- dents and mitigate hazards » Developing and delivering public edu- cation programs "By providing these grants, HUD makes it clear that providing healthy and safe homes for the community is a pri- ority," said Matthew Ammon, OHHLHC Director. "HUD is committed to protecting families from the impacts of unhealthy housing and to improve the health and viability of communities." FREDDIE MAC EXPANDS ASSISTANCE EFFORTS FOR LOW-INCOME BORROWERS F reddie Mac has announced that it could save potential homebuyers earning 50% of area median income (AMI) or less $2,500 in a credit that may help with down payment and other costs at