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67 September 2024 J O U R N A L "After wildfires hit Maui last year, people's homes were destroyed, and people's lives were disrupted. Imme- diately after, HUD got to work to help people recover," HUD Acting Secretary Adrianne Todman said. "This included providing support for people who live in HUD-subsidized homes and providing support for people who were homeless. With this action, today we are continuing our support for homeowners to ensure that they can rebuild and stay on Maui." Temporary, Partial Waiver of 24 CFR § 203.18(e)(3) issued lifts the requirement that borrowers apply for 203(h) financing by the first anniversary of the Presidentially Declared Major Disaster. The change allows lenders to offer 203(h) financing to Maui borrowers through August 10, 2025. According to CoreLogic, the U.S. Department of Commerce reported the Maui wildfires caused more than $5.5 bil- lion in damages and was one of the most devastating in the United States in the last five years. The Hawaiian northwest coastal town of Lahaina was practically reduced to ashes and suffered a disproportionate number of deaths because of these fires that left many residents with nothing. Geographic Barriers to Recovery This new flexibility follows FHA's third extension of its foreclosure mora- torium for borrowers with FHA-insured single-family mortgages in Maui County, Hawaii, which now runs through January 1, 2025. FHA is continuing this relief due to the extent of the devastation from the wildfires, the reduced capacity for borrowers to access needed construction supplies and resources, the number of jobs that have not yet returned, and other unique challenges associated with the geographic location of Maui. The extension will provide affected borrowers in Maui County more time to obtain fed- eral, state, and local assistance, to work with a HUD-certified housing counselor, and/or to rebuild without the added bur- den of dealing with foreclosure actions. Over the past year, the Biden ad- ministration has provided nearly $385 million in assistance to individuals and households for response and recovery efforts, including nearly $300 million to provide safe housing to displaced survi- vors with damaged or destroyed homes. According to the U.S. Army Corps of Engineers, 1,399 homes need rebuilding. As the community pursues rebuilding ef- forts, county officials have only approved a fraction of the disaster recovery build- ing permits submitted by homeowners or their representatives. To illustrate the sluggishness of this process, it is worth noting that the first residential property is currently only in the rough-framing phase, which occurs during the early stages of reconstruction. However, there has been progress on other lots with laying utility lines and foundations. "We remain committed to doing all that we can to help residents of Maui County recover from the 2023 wildfires," Federal Housing Commissioner Julia Gor- don said. "Extending the time to use FHA financing for rebuilding, in addition to extending our foreclosure moratorium, re- flects our strong desire to continue helping families trying to rebuild their lives after this uniquely catastrophic event." Immediately after wildfires hit the community, HUD issued new flexibil- ities, provided new resources, and en- sured that HUD partners on the ground were ready to assist those affected. HUD then awarded more than $8 million in Rapid Unsheltered Survivor Housing (RUSH)—$6.9 million in February 2024 and $1.3 million in August 2023—to address the needs of individuals and families who are homeless or at risk of homelessness and have needs not otherwise served or fully met by existing Federal disaster relief programs. WILL HOME PRICES SLOW AS NEW LISTINGS OUTPACE SALES? A ccording to the July 2024 commentary from the Fannie Mae Economic and Strategic "After wildfires hit Maui last year, people's homes were destroyed, and people's lives were disrupted. Immediately after, HUD got to work to help people recover. This included providing support for people who live in HUD-subsidized homes and providing support for people who were homeless." —Adrianne Todman, HUD Acting Secretary