InfoBytes Blog
HUD announces Mississippi disaster relief
On March 28, HUD announced disaster assistance for areas in Mississippi impacted by severe storms, straight-line winds, and tornadoes beginning March 24 to March 25. The disaster assistance follows President Biden’s major disaster declaration on March 26. According to the announcement, HUD is providing immediate foreclosure relief, making various FHA mortgage insurance available to disaster victims, and providing information on housing providers, as well as HUD-approved housing counseling agencies, among other measures. Specifically, HUD is providing an automatic 90-day moratorium on foreclosures of FHA-insured home mortgages for covered properties, as well as a 90-day extension granted automatically for home equity conversion mortgages, effective March 26. It is also making various FHA insurance options available to victims whose homes require repairs or were destroyed or severely damaged. HUD’s Section 203(h) program allows borrowers from participating FHA-approved lenders to obtain 100 percent financing, including closing costs, for homes that require “reconstruction or complete replacement.” HUD’s Section 203(k) loan program enables individuals to finance the repair of their existing homes or to include repair costs in the finance of a home purchase or a refinance of a home through a single mortgage. HUD is also allowing administrative flexibilities to community planning and development grantees, as well as to public housing agencies and Tribes.