WASHINGTON, May 23, 2014 /PRNewswire-USNewswire/ -- Congressman Chaka Fattah (PA-02) announced today that two housing organizations in his Philadelphia district will receive Housing Counseling Program grants from the Department of Housing and Urban Development (HUD). The Hispanic Association of Contractors and Enterprises and Nueva Esperanza, Inc. will receive $15,357 and $440,236 respectively in funding.
The housing counseling grants support services that will educate renters and current and prospective homeowners, with the goals of improving financial literacy, expanding ownership opportunities, and preserving home ownership. Those eligible for counseling include homebuyers, homeowners, and low- to moderate-income renters; the program also provides counseling services to the homeless.
"These grants will allow hundreds more individuals in our Philadelphia community find and maintain affordable housing," Congressman Fattah said. "Counseling and education opportunities offered by these organizations are critical in order to steer individuals into stable housing situations, and properly equip them with the knowledge and know-how to be responsible tenants and owners. Owning a home has long been the American dream, and it is critical we continue offering these services to put more families on a path to ownership."
In addition to guidance and information to improve housing conditions, counselors also help borrowers avoid inflated appraisals, unaffordable repayment terms, and other conditions that can result in loss of equity, debt, default, or foreclosure. For more information on HUD's Housing Counseling Assistance Program, visit: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hcc/counslng.
SOURCE Office of Congressman Chaka Fattah