Sens. Mark R. Warner and Tim Kaine (both D-VA) announced today that Catholic Charities USA, headquartered in Alexandria, will receive $951,150 in federal funding, and the Virginia Housing Development Authority, located in Richmond, will receive $1,040,918.
This nearly $2 million grant by the Department of Housing and Urban Development (HUD) is intended to provide families and individuals in Virginia with counseling services to improve their housing conditions and help them meet the responsibilities of tenancy and homeownership.
“We applaud this increase in funding for housing education and counseling,” said the Senators.“Homeownership is a key component of the American Dream, and families in Virginia will benefit from this long-term investment by receiving valuable information that will benefit their economic planning and increase their future housing opportunities.”
The primary goals of the Housing Counseling Grant program are to increase financial literacy, improve access to affordable housing, and preserve and expand homeownership opportunities. Counselors that benefit from this grant will help borrowers avoid inflated appraisals, unreasonably high interest rates, unaffordable repayment terms, and other conditions that can result in a loss of equity, increased debt, default, and eventually foreclosure.
Grant recipients may also provide Reverse Mortgage Counseling to elderly homeowners who seek to convert equity in their homes into income that can be used to pay for home improvements, medical costs, or other expenses.
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