Cuyahoga County to Receive $35 Million in Public Housing
“Americans are turning to public agencies for housing assistance in record numbers. CMHA strives to maintain solid public housing. With such a major strain on their services, I know more could and should be done to help them. Fortunately, the Recovery Act provides significant aid,” said Representative Marcia Fudge (D-OH), who voted for the Recovery Act.
The US Department of Housing and Urban Development (HUD) announced that public housing authorities have nearly $3 billion American Recovery and Reinvestment Act funds available for improvements to public housing nationwide. Cuyahoga Metropolitan Housing Authority (CMHA) is slated to receive $35,068,004 in funding.
The announcement demonstrates one of the ways in which the Recovery Act creates jobs while beginning the process of filling a backlog of previously underfunded capital improvement projects.
Recovery Act funding provided through HUD’s Public Housing Capital Fund Program is effectively improving public housing by doubling the Department’s annual support of the local housing authority. Allocated through an established formula, this funding will allow local housing agencies to address the long-standing need to improve public housing, create jobs, and increase energy efficiency. HUD will also make an additional $1 billion in competitive capital funding available for housing authorities.
Indeed, HUD’s Capital Fund Program provides annual funding for public housing. It sets aside funds to develop, finance, and/or modernize public housing units while also making large-scale improvements such as the installation of energy efficient plumbing, electrical systems, and roofing.
Rep. Fudge Votes For Foreclosure Relief
March 11, 2009 by mlfudge
Filed under Featured Articles, Housing, Recovery and Reinvestment Act
“This bill is timely and desperately needed in the 11th District of Ohio. The Center for Responsible Lending projected 5,566 foreclosures in 2009 and 18,531 foreclosures over the next four years. Within the state of Ohio the projection is much grimmer– 87,500 foreclosures in 2009. I had an opportunity to vote for relief and I choose to do so.”
Last week, the house passed the Helping Families Save Their Homes Act in an effort to reduce the mounting number of foreclosures in the nation. Rep. Marcia Fudge (D-OH) was one of the 246 members of Congress who voted to pass the legislation. It’s passing marked the first step in moving forward President Obama’s comprehensive Homeowner Affordability and Stability Plan.
It includes incentives that encourage lenders to negotiate affordable mortgages for homeowners who are experiencing financial strains, at risk of foreclosure or nearing bankruptcy. With its passing, foreclosures could be reduced by 20 percent.
Rep. Fudge said regarding the plan, “Incentives are provided to lenders to renegotiate mortgages fairly and directly with homeowners. ” Protection from lawsuits for reasonable loan modifications, reduction in fees that discouraged voluntary participation in the past and new incentives to negotiate loan modifications are all offered to participating lenders.
Furthermore, homeowners are allowed to appeal to bankruptcy judges, only as a last resort, to modify the loan terms of their existing mortgages. This common-sense, practical approach costs nothing to taxpayers.
“The act is designed to keep individuals in their homes. Whether you own one property or several you deserve to have the same benefit of the law. It only makes sense to give every person an opportunity to save their home.” Representative Marcia L. Fudge (D-OH)
