HUD Provides Grant for Housing Counselors

Eight Tennessee Agencies Receive Funding

NASHVILLE, TN – June 25, 2013 – (RealEstateRama) — The U.S. Department of Housing and Urban Development (HUD) announced last Tuesday they will provide $40 million in additional funding to housing counseling agencies across the country. The HUD grants ensure housing counselors are available to help individuals and families make informed housing decisions through prepurchase and foreclosure counseling.

Several studies have shown that homebuyer education substantially reduces the likelihood of foreclosure. A study by Scott Brown, in conjunction with the Tennessee Housing Development Agency (THDA), found “the odds of foreclosure for those who took homebuyer education [were] 97% lower than those who did not.” For Tennesseans looking to buy a home, prepurchase counseling is highly recommended.

The following is a list of Tennessee-based agencies that received funding:

West Tennessee Legal Services, Inc. – Jackson, TN
Financial Counselors of America – Memphis, TN*
Chattanooga Neighborhood Enterprise, Inc. – Chattanooga, TN*
Urban League of Greater Chattanooga, Inc. – Chattanooga, TN
Gap Community Development Resources, Inc. – Franklin, TN
Memphis Consumer Credit Education Association – Memphis, TN*
New Level Community Development Corporation – Nashville, TN*
Community Action Network, Inc. – Springville, TN*

*Currently working with THDA

Many of these counseling agencies are trained and approved by THDA. THDA is the state’s housing finance agency and is responsible for providing safe, sound, affordable housing opportunities to Tennesseans. THDA offers extensive training and resources to counseling agencies across the state to ensure that each housing customer- whether looking to purchase a home or having trouble paying their mortgage- has access to information needed to make informed and educated decisions. A list of these THDA-approved counseling agencies can be found by clicking the “Locator” button on the front-page of www.thda.org.

THDA is a political subdivision of the State of Tennessee, established in 1973. THDA is the State’s housing finance agency, responsible for selling tax exempt mortgage revenue bonds to offer affordable mortgage funds to homebuyers of low and moderate incomes through local lenders, and to administer various housing programs targeted to households of very low-, low- and moderate-incomes. In 2012, the total contribution of the THDA-related activities to Tennessee’s economy is estimated at $745 million.

Since 1973 THDA has provided affordable fixed rate mortgages to over 107,000 households without using state tax dollars. A 40-year summary report of THDA’s mortgage products will be released in June and will be made available to the public. More information about THDA is available on-line at www.thda.org.

Contact:
404 James Robertson Parkway, Suite 1200
Nashville, TN 37243-0900 www.thda.org
Patricia M. Smith, Director of Public Affairs, (615) 815-2185

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