Federal Grants to Help with Affordable Housing in Florida, Country

Are you a lower-income buyer hoping to take out a Florida mortgage loan and afford the house of your dreams? The federal government is trying to make it easier for you accomplish such a goal.

Approximately 850,000 families will benefit from more than $39 million in housing counseling grants announced yesterday by Housing and Urban Development Secretary, Alphonso Jackson.

These grants will assist families in becoming first-time homeowners, while also helping current homeowners after their purchase. Renters and homeless individuals and families will also benefit from the counseling offered by the grants.

“Under the Bush Administration, more families are receiving housing counseling services than ever before, and more are purchasing and keeping their homes,” said Jackson. “The organizations providing these services are helping to meet the President’s goal of increasing homeownership opportunities, particularly for minorities.”

National and regional agencies distribute much of the HUD funding to community-based grassroots organizations that provide advice and guidance to low- and moderate-income families seeking to improve their housing conditions. Moreover, these larger organizations help improve the quality of housing counseling services and enhance coordination among other counseling providers to assist those with Florida home mortgage concerns.

Of the more than $39 million in housing counseling grants, $3 million is being awarded in supplemental funding for Home Equity Conversion Mortgage (HECM) counseling. These funds will provide counseling for the rapidly growing number of elderly homeowners who seek to convert equity in their homes into income that can be used to pay for home improvements, medical costs, and other living expenses.

Grant recipients help homebuyers and homeowners realistically evaluate their readiness for a home purchase, understand their financing and down payment options, and navigate what can be an extremely confusing and difficult process.