Donovan: Sequestration could devastate Fed housing programs

Donovan: Sequestration could devastate Fed housing programs

All total, for programs affected by sequestration, the cuts scheduled to take effect in January would equal around 7.8 percent in FY 2013, according to Federal Funds Information for States, which.

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Quicken Loans parent company Rock Holdings acquires Canadian. – FHFA: Principal reduction would cost Fannie, Freddie $100 billion Principal Reduction Modification. The Federal Housing Finance Agency (FHFA) undertook an extensive evaluation to determine whether to implement a Principal Reduction Modification program for seriously delinquent, underwater borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac (the Enterprises).

Another 125,000 individuals or families could lose assistance offered through the housing choice voucher program, putting more people at risk of becoming homeless, Donovan told the panel. The HCV program currently provides support to families who are renting in private apartment units. Donovan added that sequestration cuts could cause more than.

Homelessness Prevention and Rapid Re-Housing Program (HPRP) Milestone - HUD - 9/13/11 57 Terrible Consequences of the Sequester – ABC News – Dilapidated Low-Income Housing, Closed Projects text: Without money to maintain low-income housing, HUD Secretary Shaun Donovan warned that "sequestration would force public housing agencies to.

If sequestration remains in place, it will hit other critical housing assistance programs hard. funds that communities use to assist homeless individuals and families will be cut by $96 million; HUD Secretary Shaun Donovan estimates that 100,000 homeless people will lose access to temporary shelters and housing as a result. Funding to operate.

The sequester will impose indiscriminate, across-the-board cuts that will devastate housing and social service programs, as well as many other programs that carry out core government functions. Cuts are scheduled to go into effect on January 2, 2013.

Department of Housing and Urban Development cuts will force staff reductions that could slow FHA loan approvals and curtail programs such as foreclosure counseling, according to HUD Secretary Shaun Donovan. If FHA lending drops by the same rate as HUD’s budget, it could shave about 2 percent off U.S. home sales this year.

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The Senate Appropriations Subcommittee on Transportation, Housing and Urban Development, and Related Agencies (THUD) held a hearing on the President’s FY14 HUD budget request to Congress on April 11, the day after the request’s release. HUD Secretary Shaun Donovan was the sole witness. The Secretary reviewed the principles of HUD’s budget: assisting the housing market recovery.

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