Homeowners and renters in Georgia who were impacted by Hurricane Irma will receive disaster assistance from the U.S. Department of Housing and Urban Development (HUD).
Camden, Chatham, and Glynn counties in Georgia were declared major disaster areas last week by President Trump. This allows HUD to offer foreclosure relief and other assistance to certain families living in these counties.
Specifically, HUD will grant homeowners a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages. There are approximately 11,639 FHA-insured Georgia homeowners living in these impacted counties.
Also, HUD offers FHA insurance to disaster victims who have lost their homes and are faced with rebuilding or buying another home. Borrowers from participating FHA-approved lenders are eligible for 100 percent financing, including closing costs.
In addition, the agency enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home.
Further, the department will share information with the Federal Emergency Management Agency and the state on housing providers that may have available units in the impacted counties.
HUD’s Community Development Block Grant (CDBG) and HOME programs also give the state and communities the flexibility to redirect millions of dollars in annual formula funding to address critical needs, including housing and services for disaster victims.
Finally, HUD will offer state and local governments federally guaranteed loans for housing rehabilitation, economic development, and repair of public infrastructure.