article A new program announced by the US Department of Housing and Urban Development (HUD) aims to provide loan relief for some low-income homeowners as part of the nation’s disaster relief efforts.
The new program is called Disaster Loan Assistance, and it will provide eligible homeowners with up to $2,000 in relief from their mortgage.
According to HUD, the goal of the program is to help the families of people affected by the flood, as well as those who were displaced by the storm, while helping families whose home is damaged or damaged in some way.
“With this program, homeowners will be able to apply to receive assistance from the federal government to help pay the mortgage on their home, and in return they will receive help with expenses such as utility bills and rent,” HUD wrote in a blog post.
The National Flood Disaster Loan Program is the first federal program of its kind to offer relief for low- and moderate-income households, which can include people with very low incomes.
“The program is designed to ensure that families have access to affordable rental assistance, and that those who are impacted by the flooding are not left out of the relief process,” HUD said.
“Many families with flood damage and displaced people have experienced hardships beyond those of their immediate family members, and many of those families are not eligible for emergency assistance from HUD under this program.”
The program, which was launched by HUD in February, is intended to help families affected by flooding and displaced in some form of economic disaster such as an earthquake, flood, drought, hurricane, or tornado.
“As a result of the severe weather and widespread flooding that hit the Southeast region, many families are finding it more difficult to maintain their homes and are forced to rent out their property,” HUD’s Community Economic Development Director, Michelle DellaFave, said in a statement.
“We want to ensure every eligible household is able to continue to live in their homes while they are repaired.”
The US Department also announced the creation of a second program aimed at helping people displaced by flooding, which it is calling the Flood Relief Program.
“Under this program eligible homeowners will receive loans to help with repairs to their property, including repair and remodeling costs,” HUD explained.
“HUD’s goal is to give eligible borrowers a loan to help cover costs, which they can use for any necessary repairs.”
The National Disaster Loan Guarantee Program is a program designed to assist the government in the aftermath of natural disasters by providing loan relief to eligible borrowers and families.
This includes those who have been displaced by natural disasters, and those who suffered property damage from flooding, or those who experienced a flood in their community and who need assistance.
As the name implies, this program will help eligible borrowers make a down payment on a home in order to buy a home, which could result in a loss of income.
HUD said that if borrowers do not qualify for this program the loan will be forgiven.
“In addition, the program offers a small tax credit that borrowers can apply for if they can prove they are currently on the mortgage, or if they have already made payments for a downpayment,” HUD added.
The second program, the Flood Reconstruction Assistance Program, was launched in October 2018 to help low- to moderate- income homeowners.
This program aims to help homeowners with flood damages and displaced persons affected by a natural disaster, and will also provide loan assistance.
“To date, FEMA has provided assistance to approximately 1.6 million homeowners affected by natural disaster through the Flood Recovery Assistance Program,” HUD stated.
“FEMA will continue to support these homeowners through the program as needed, and encourages those individuals with limited or no financial resources to consider applying for the assistance.”
This program was announced as part the federal budget, which included $8.3 billion for disaster relief.
In addition, over $2 billion was spent on the rebuilding of public schools and community infrastructure during the flood season.
According the White House, the Trump administration’s disaster response plan includes a new “disaster mortgage” program, and the Trump Administration is also working on an additional $1.3 trillion in disaster aid, including the $1 trillion for disaster recovery.