WASHINGTON, D.C. –U.S. Sen. James M. Inhofe (R-Okla.) is pleased to announce today that the Department of Housing and Urban Development (HUD) will speed federal disaster assistance to 24 Oklahoma counties affected by recent severe weather. The assistance, which becomes eligible following a presidential disaster declaration, provides housing support to families forced from their homes as a result of the severe weather.
“The impact of severe weather has been truly devastating to many Oklahoma communities across the state. I am pleased that the people whose lives have been affected by disastrous weather are getting much-needed federal assistance,” Inhofe said. “As always, it will be a collaborative effort and Oklahoma’s strong spirit of compassion that will bring these communities back on their feet.”
This assistance includes foreclosure relief for families whose homes are insured through the Federal Housing Administration (FHA) living in Alfalfa, Beaver, Beckham, Blaine, Cotton, Custer, Dewey, Ellis, Garfield, Grant, Harmon, Harper, Jackson, Kay, Kiowa, Major, Okfuskee, Osage, Ottawa, Roger Mills, Rogers, Tillman, Washita, and Woods Counties.
The following is a breakdown of the housing assistance being offered by HUD (from the HUD press release issued July 10, 2008):
Ø HUD is granting immediate foreclosure relief – In certain storm and flooded ravaged counties, HUD granted a 90-day moratorium on foreclosures of Federal Housing Administration (FHA)-insured home mortgages and strongly recommended that loan servicers take such actions as special forbearance, loan modification, refinancing, and waiver of late charges.
Ø Offering states the ability to re-allocate existing federal resources toward disaster relief – HUD’s Community Development Block Grant (CDBG) and HOME programs give the State the flexibility to redirect millions of dollars to address critical needs, including housing and services for tornado victims. HUD is currently contacting State and local officials to explore their needs for streamlining the Department’s CDBG and HOME programs in order to expedite the repair and replacement of damaged housing;
Ø Making mortgage insurance available – HUD’s Section 203(h) program provides FHA insurance to disaster victims who have lost their homes and are facing the daunting task of rebuilding or buying another home. Borrowers are eligible for 100 percent financing, including closing costs;
Ø Making insurance available for both mortgages and home rehabilitation – HUD’s Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home; and
Ø Offering Section 108 loan guarantee assistance – HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development and repair of public infrastructure.For more information about these and other HUD programs designed to assist disaster victims, visit http://www.hud.gov/info/disasterresources_dev.cfm