NeighborWorks America Salutes National Homeownership Month

NeighborWorks America will conduct a series of consumer outreach efforts to support affordable, sustainable and healthy homes and neighborhoods during the 2009 National Homeownership Month.

“For more than 30 years, NeighborWorks America and its network of affiliates around the country have supported and encouraged affordable and sustainable homeownership,” said Ken Wade CEO of NeighborWorks America. “We’re continuing those efforts and this month are launching increased marketing and social media efforts to put the right information in the hands of potential homeowners so that they achieve the American Dream of homeownership for the long-run.”

Read more about what we have planned for June.
Visit NeighborWorks National Homeownership Month Web page for resources for homeowners.

Volunteer in Your Community! National NeighborWorks Week Begins June 6

Volunteers from across the country are gearing up for National NeighborWorks Week, June 6-13, 2009. More than 160 NeighborWorks organizations are slated to participate in this annual volunteer week, conducting nearly 300 events nationwide. NeighborWorks Plants! will kick off the week on June 6, with more than 100 organizations engaging community residents in efforts to beautify their neighborhoods with trees, plants, vegetables and flowers. Find out more details about this annual event and find a volunteer opportunity near you!

HUD Sanctions More Than 100 FHA Lenders

The U.S. Department of Housing and Urban Development's Mortgagee Review Board has announced actions against more than 120 lenders for violating FHA requirements. Violations range from failure to conduct sufficient quality control, to failure to continue to meet FHA recertification requirements, to falsifying loan documents. See HUD press release. View List of lenders and the actions taken.

Renters Get New Protection From Foreclosure

Renters have more protection against losing their homes under a new foreclosure prevention bill President Obama signed into law on May 20. Starting immediately, the law requires that tenants who pay their rent on time can remain in their home until the end of their lease. Even without a lease, renters must be allowed to stay in their home for 90 days after the foreclosure. Learn more at WashingtonPost.com, including a link to state-by-state analysis of eviction and foreclosure laws. In response, the National Low Income Housing Coalition has developed a Renters in Foreclosure Toolkit that counselors can use as part of their foreclosure prevention efforts. Get this resource.

HUD Secretary Donovan Announces That the New $8,000 Homebuyer Tax Credit Can be 'Monetized' and Used for Downpayment

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Until now, families could only access this tax credit after filing their tax returns with the IRS.

HUD Secretary Donovan’s announcement details FHA's rules allowing state Housing Finance Agencies and certain nonprofits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments.

Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.

Read HUD's news release.
Read FHA's new mortgagee letter.