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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 68 June 2024 J O U R N A L and Universities and Minority Serving Institutions to assist new homeowners of color and other marginalized popula- tions. Funds can be utilized to provide counseling services on a variety of issues, including financial management and literacy, homeownership, and affordable rental housing. For example, one of the grantees, Unidos US, wants to provide routes for Latino homeowners to build credit, afford a down payment, and get approved for a long-term mortgage. "This past year, HUD-approved housing counseling agencies reached almost one million Americans, providing them with invaluable advice on import- ant topics like financial literacy, main- taining a home, and avoiding foreclo- sure," HUD Acting Secretary Adrianne Todman said. "Today, we are providing $40 million more to expand these services—specifically for underserved communities—so we can build the next generation of homeowners and close the racial homeownership gap." While in Milwaukee, VP Harris and Acting Secretary Todman will discuss the significance of these monies as well as the Biden-Harris administration's overall efforts to reduce housing prices for American consumers. HUD anticipates that more than $300,000 of this new funds will benefit Wisconsin customers. The Biden-Harris administration and HUD have already assisted almost 35,000 Amer- icans in Wisconsin through this initiative, with 19,000 of them living in Milwaukee. Currently, these counseling pro- grams serve almost 12,000 families in Wisconsin, with Black families account- ing for 40% of the total. Three housing counseling agencies will be present: Acts Housing, Housing Resources Inc., and United Community Center. "We're proud to make these funds available to HUD-certified housing counselors, who are often the first point of contact for those seeking support with their housing needs," Deputy Assis- tant Secretary for Housing Counseling David Berenbaum said. "Given the rising costs of housing, coupled with limited available inventory, housing counseling is a critical resource for homebuyers and renters seeking to navigate challenging processes and decisions." HUD ANNOUNCES MORE THAN $3B IN GRANTS TO IMPROVE PUBLIC HOUSING T he U.S. Department of Hous- ing and Urban Development (HUD) provided $3.17 billion in Public Housing Repair funding to 2,756 public housing authorities (PHAs) in all 50 states, including the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands to make capital in- vestments in their public housing stock. PHAs can use these funds to improve the development, financing, modernization, and management of public housing developments. "At HUD, our mission is to create strong, sustainable, inclusive commu- nities and quality homes for all," HUD Acting Secretary Adrianne Todman said. "Today's grant funding is a necessary investment that will not only ensure that the homes offered in public housing fit the needs of its residents, but it will also strengthen neighborhoods for genera- tions to come." For over 80 years, the federal gov- ernment has invested billions of dollars in the development and maintenance of public housing, including essential sup- port through the Capital Fund grants. The funds announced are part of HUD's Capital Fund Program, which provides annual financing to all public housing authorities for the construction, renovation, and/or modernization of public housing in their communities. Housing authorities can utilize the funds to make large-scale improvements such as roof replacements, energy-efficient heating system modifications, and water conservation measures. "Given the rising costs of housing, coupled with limited available inventory, housing counseling is a critical resource for homebuyers and renters seeking to navigate challenging processes and decisions." —-David Berenbaum, Deputy Assistant Secretary for Housing Counsel, HUD