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HUD offers foreclosure protection for displaced Brooklyn storm victims

The U.S. Department of Housing and Urban Development (HUD) reports it will provide support to Brooklyn (and other NYC) homeowners and low-income renters forced out of their homes due to Hurricane Sandy.

HUD has granted a 90-day moratorium on foreclosures and forbearance on foreclosures of FHA-insured home mortgages.

This is in addition to speeding federal disaster assistance to the state and to many of its counties, includ- ing Kings County, as announced by President Obama on Tuesday, according to HUD Secretary Shaun Donovan

“Families who may have been forced from their homes need to know that help is available to begin the rebuilding process,” said Donovan. “Whether it’s foreclosure relief for families with FHA- insured loans or helping [Kings County and other counties] to recover, HUD stands ready to help in any way we can.”

The following are among the other ways the agency can help:

• HUD is currently contacting local officials to explore opportunities to redirect millions of dollars to address critical needs, including housing and services for disaster victims.

• HUD’s Section 203(h) program provides FHA mortgage insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home.

• HUD’s Section 203(k) loan program enables the repair and rehabilitation of damaged houses.

• HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.

Additionally, the agency will share information with FEMA on housing providers that may have available units in the impacted counties, including public housing agencies and multi-family owners. 

November 2, 2012 - 3:19pm


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