The Department of Housing and Urban Development today announced $40 million in funding awards to housing counseling agencies and intermediaries nationwide, including funding for reverse mortgage counseling.
The agency recently changed the way it allocates funds to include all counseling funding under a single grant rather than separating reverse mortgage counseling funds. The grants, totaling more than $40 million, were awarded to 334 counseling providers with the aim to help more than 1.6 million households.
“Make no mistake: these grants will do a lot of good,” said HUD Secretary Shaun Donovan. “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. 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.”
Among the funding, roughly $38 million will directly support counseling services while $2 million will go toward training housing counselors. Working through HUD’s newly launched Office of Housing Counseling, the funding allocation was streamlined this year to reduce the administrative burden on applicants, HUD said.
Written by Elizabeth Ecker