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Hud Offers $1.43 Billion In Homeless Assistance Grants to Support Thousands of Local Projects Nationwide The U.S. Department of Housing and Urban Development is making available $1.43 billion in homeless assistance grants to thousands of local projects that house and serve homeless persons and families across the country. In its funding announcement, HUD notified applicants that it will quickly award renewal grants to prevent any interruption in federal assistance to existing local programs while awarding funds to new projects later in the year. HUD announces $50 million in Recovery Act funds to help local communities stabilize neighborhoods hard hit by foreclosure U.S. Department of Housing and Urban Development Secretary Shaun Donovan today announced HUD is launching a $50 million effort to help state and local governments address the inventory of foreclosed properties assisted under the Department's Neighborhood Stabilization Program (NSP). HUD is awarding $44.5 million to nine national organizations and another $5.5 million to help local communities purchase, rehabilitate and resell foreclosed properties in especially hard-hit neighborhoods. Housing Begins Long, Slow Rebound It was — note the past tense — the worst housing recession anyone but survivors of the Great Depression can remember. From the frenzied peak of the real estate boom in 2005-2006 to the recession's trough earlier this year, home resales fell 38 percent and sales of new homes tumbled 76 percent. Construction of homes and apartments skidded 79 percent. And for the first time in more than four decades of record keeping, home prices posted consecutive annual declines. Senate Confirms Donovan as HUD Secretary The Senate late Thursday confirmed former New York housing official Shaun Donovan as Housing and Urban Development secretary. Donovan, 44, was confirmed by voice vote. He was New York City's housing commissioner, a position he had held since 2004. Members of both parties praised his qualifications to lead HUD at a Jan. 13 confirmation hearing before the Banking, Housing and Urban Affairs Committee. At the hearing, Donovan promised a more aggressive and far-reaching effort to ease the mortgage crisis and promote affordable housing. White House may move to buy bad mortgages The White House is considering a proposal to head off potentially millions more home foreclosures by using federal funds to buy up at-risk loans and then refinance them with more affordable terms. Treasury Secretary Timothy Geithner and other Obama administration officials met Wednesday with a group of top bankers, community groups and financial industry representatives to discuss the plan.  Next Wave Toolkit Learn how to start a new Next Wave chapter, host an event, get involved in the election or find more information.
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