Flood_Insurance_1The U.S. Department of Housing and Urban Development (HUD) will provide federal disaster assistance to seven Bay State counties and provide support to homeowners and low-income renters forced from their homes following recent severe storm and flooding.

President Barack Obama issued a disaster declaration for Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk and Worcester counties Monday. The president’s declaration allows HUD to offer foreclosure relief and other assistance to certain families living in these counties.

"Families who may have been forced from their homes need to know that help is available to begin the rebuilding process," said HUD Secretary Shaun Donovan. "Whether it’s foreclosure relief for FHA-insured families or helping these counties to recover, HUD stands ready to help in any way we can."

HUD has granted a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages and will allow the state to reallocate federal resources for disaster relief.

Homeowners will also provide FHA insurance to disaster victims who have lost their homes and offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.

 

HUD To Assist In Storm Relief

by Banker & Tradesman time to read: 1 min
0