Elizabeth City State University's Community Development Program is one of 28 of
the state's housing counseling agencies to receive federal funding to support its
public services. The community Development Program received $19, 643.00 which Morris
Autry, director of the Community Development Program, said will be used to support
ongoing counseling and home buyer education sessions. The sessions are designed to
help prospective homebuyers become knowledgeable of process of purchasing homes.
As part of its continuing effort to assist families and individuals with their housing
needs and to prevent future foreclosures, the U.S. Department of Housing and Urban
Development (HUD) recently announced that the 28 North Carolina housing counseling
agencies will receive $503,499 in critical funding as part of the more than $40 million
in housing counseling grants to 334 national, regional and local organizations. In
addition to the funding to these state and local agencies, HUD is awarding nearly
$29 million to national, regional and multi-state counseling agencies that may also
have an impact in North Carolina communities.
As a result of these grants and the additional funding they help leverage, more than
1.6 million households will have a greater opportunity to find housing, make more
informed housing choices or keep their current homes. See list of all counseling agencies
awarded funding today.
"The HUD-approved counseling agencies this funding supports are crucial in helping
families manage their money, navigate the homebuying process, and secure their financial
futures," said HUD Secretary Shaun Donovan. "The evidence is clear that housing counseling
works. These grants are a smart investment to help families and individuals find and
keep housing which helps promote neighborhood stability in the long term."
"These housing counseling grants in North Carolina provide direct and tangible assistance
to assist families towards homeownership and more importantly helps to preserve current
owners in their homes. It provides the kind of concrete brick by brick assistance
that provides hope of a better future while also contributing to the neighborhood
and community as a whole", said HUD Southeast Regional Administrator Ed Jennings,
HUD studies show the effectiveness of housing counseling. Last year, HUD released
two reports on the impact of HUD-approved housing counseling for families who purchase
their first homes and those struggling to prevent foreclosure. In both studies, HUD
found housing counseling significantly improved the likelihood homeowners remained
in their homes.
Housing counseling agencies support fair housing by assisting borrowers in reviewing
their loan documentation, to avoid potential mortgage scams, unreasonably high interest
rates, inflated appraisals, unaffordable repayment terms, and other conditions that
can result in a loss of equity, increased debt, default, and even foreclosure. Likewise,
foreclosure prevention counseling helps homeowners facing delinquency or default employ
strategies, including expense reduction, negotiation with lenders and loan servicers,
and loss mitigation, to avoid foreclosure.
For more information on this press release, contact Joseph J. Phillips, (678) 732-2943