June 20 2013
HUD Awards $220,000 to Operation HOPE to Support Homeownership
Grant will help HOPE provide housing counseling services for first time home buyers and mortgage crisis assistance
WASHINGTON – June 20, 2013 – Operation HOPE (HOPE) today announced a $220,000 grant from the U.S. Department of Housing and Urban Development (HUD), which will allow the financial dignity nonprofit to assist families and individuals with their housing needs and to prevent future foreclosures for people in underserved communities. HOPE received the second highest award in the multi-state originations; it is also a $170,000 funding increase from last year’s grant.
“HOPE is pleased that HUD understands the value of financial literacy training, and has committed $220,000 to support our efforts to provide training for first-time home buyers as well as programs for those who are trying to save their homes from foreclosure,” said Chief Executive Officer for Operation HOPE, Los Angeles and Division President of HOPE Financial Dignity Centers, Lance Triggs. “By supporting our efforts we are better able to assist underserved Americans in communities nationwide."
HUD awards annual grants under the housing counseling program through a competitive process. Organizations that apply for grants must be HUD-approved and are subject to monitoring and oversight to maintain their HUD-approved status.
HOPE will utilize funding to address the full range of families’ housing counseling needs through one-on-one counseling and workshops. HOPE will help homebuyers realistically evaluate their readiness for a home purchase and help them overcome a variety of barriers to homeownership, including bad credit, lack of down payment, existing debt, and money management issues. For homeowners in foreclosure, HOPE will help those clients understand what their options are to avoid foreclosure and provide guidance on how to work with their lender to request a work out plan.
HOPE has been a HUD approved housing counseling agency since 2005.
HUD studies show the effectiveness of housing counseling. Last year, HUD released two reports on the impact of HUD-approved housing counseling for families who purchase their first homes and those struggling to prevent foreclosure. In both studies, HUD found housing counseling significantly improved the likelihood homeowners remained in their homes.
HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business.