As the result of damage inflicted by Hurricane Sandy, President Obama issued a disaster declaration for specific counties in Connecticut, New Jersey and New York, as well as the Mashantucket Pequot Indian Reservation in Connecticut. The Department of Housing and Urban Development (HUD) is offering disaster victims whose homes were damaged or destroyed a 90-day moratorium on foreclosures of Federal Housing Administration (FHA) -insured mortgages. HUD will also provide FHA mortgage insurance for those rebuilding or buying another home, with borrowers eligible for 100 percent financing. In addition, jurisdictions may redirect current federal funds to assist with housing and other critical services. MHProNews has learned states and local communities may obtain federally guaranteed loans for economic development, housing rehabilitation, and to repair infrastructure.
(Image credit: Dept. of Housing and Urban Development)