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Federal Homes Affordable Programs in NY Gets Funding

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By : John Cutts    99 or more times read
Several organizations in the New York counties of Westchester and Rockland will receive funds to support the federal homes affordable programs. Tens of thousands worth of funds will be distributed to several organizations for their various homeownership and housing services to help alleviate the foreclosure crisis.

Similarly, White Plains city is set to receive over $900,000 as part of the U.S. Housing and Urban Development's (HUD) Community Development Block Grants (CDBG). The funding for federal homes affordable programs was announced by Congresswoman Nita Lowey who said that the housing crisis is getting worst in the metropolitan area of New York.

She said that the cost of living in New York is so steep and affordable housing is difficult to find. She added that she hopes that the federal funding will give a boost on efforts of community organizations to help people who are in dire need of housing assistance.

The Housing Counseling Program of the HUD provides grants to support and enable the delivery of various housing counseling services to distressed homeowners at risk of foreclosures, homebuyers, low-income and moderate-income renters and homeless.

The main goal of the program is to promote financial literacy, preserve homeownership, improve affordable housing access and expand homeownership opportunities.

Among the grant recipients in the counties of Rockland and Westchester and the amount they will receive are the Human Development Services of Westchester Inc. for $42,724, Rockland Housing and Action Coalition for $33,984, Community Housing Innovations for $23,496 and Westchester Residential Opportunities Inc. for $39,228.

Veronica Raphael, director of the Westchester Residential Opportunities Inc., said that the fund will help the organization serve the growing number of people in dire need of housing assistance following the Obama Administration's launching of the Making Home Affordable Program.

On the other hand, White Plains will receive about $904,879 from HUD under the CDBG program. Industry experts said that the CDBG grants are useful in such a way that they provide support to various programs and activities. The funding will allow White Plains to invest on some projects without the need to raise costs for city taxpayers.

The CDBG funding is provided yearly to states, counties and cities nationwide to support development of urban communities through housing assistance and economic opportunities for low and moderate-income individuals and families.

The federal homes affordable program is geared towards foreclosure prevention and promotion of homeownership.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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