REO Proteams: Las Vegas Real Estate News

Capitol Hill – Good news for homeowners who wish to avail of the governments Housing and Urban Development program, the House Appropriations Committee has approved its budget for 2010.  With additional government funding for the different housing programs, this bill aims to address the current housing meltdown. It shows the sense of urgency and acknowledges that much more is needed to help the millions of American homeowners suffering from the housing crisis.

This proves as a victory and shows support for President Obama’s Making Homes Affordable Program, and serves as a signal that the government is willing to address the crisis in the housing sector. Below are some provisions from the bill and an explanation on how it affects you.

• Public Housing Operation Fund $4.8 billion or 200 million above requested: this is for funding maintenance, crime prevention and energy costs for Public Housing.
• Veteran Affairs Housing Vouchers $75 million: this provides funding for homeless veterans
• Section 8 Project Based Vouchers $8.7 billion or more than 600 million then requested: this makes way for the almost 1.3 million low-income families and individuals most of whom are elderly or disabled
• Housing for the Elderly $1 billion or more than $235 million: there are 10 eligible American seniors in waiting for every one unit of housing available. An additional amount of $235 million was appropriated above the $1 billion requested by President Obama.
• Housing for the disabled $350 million or 100 million more than requested: this provides funding for the rehabilitation and building of houses for disabled people.
• Homeless Assistance Grants $1.85 billion or 56 million more than requested: provides grants to local communities such as housing and services for the homeless. Promotes competition among communities for demonstrating the best community programs.
• Neighborhood Reinvestment Corporation $196.8 million or $30 million above requested: provides counseling and help for families in danger of foreclosure or defaulting in their payments.
• Housing for persons with AIDS $350 million or $40 million above requested: People with AIDS are among Americans hardest hit by the housing crisis the increase in funding gives additional support.
• Community Development Bank Grants $4.6 billion or $174 million more than original request: provides funding for community and economic developments for 1,180 target localities.
• Native American House Block Grants $750 million or more than $105 million above requested: Native Americans are one of the most hit communities by the recent housing meltdown, additional funding has been made for building housing in Native American lands.

The approval of the budget for the Housing and Urban Development shows that the government is serious in addressing and finding solutions for the current housing crisis. This program intends to help us homeowners confront the difficult situations we are facing now. Making the right decision about our finances and keeping track of our expenses is the most essential.

All government programs saw their budgets increased by millions of dollars; this underscores the gravity of the situation in the housing sector. The government can only help us so much; the difficult task of finding the solution in the crisis ultimately lies in the hands of the homeowners.

Report by REOProteams

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