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Jacob Boomsma/Getty Images November 07, 2022 Troy Segal is Bankrate's Senior Homeownership Editor, focusing on everything from upkeep and maintenance to building equity and enhancing value. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. The U.S. Department of Housing and Urban Development (HUD) is a department of the federal government that formulates and enforces housing policy and oversees the Federal Housing Administration. The HUD runs or participates in many programs that are intended to help people , promote the creation of safe and affordable rental housing, and reduce homelessness. The HUD is also charged with combatting housing discrimination. What is the Department of Housing and Urban Development HUD
The Department of Housing and Urban Development (HUD) is a Cabinet-level federal agency that has responsibility for implementing policies relating to housing in the U.S. The HUD plays an number of important roles: Improving opportunities for affordable homeownership. Increasing safe and affordable rental options. Reducing the cycle of chronic homelessness. Combating by promoting equal opportunity housing in the rental and purchase markets. Supporting vulnerable and minority populations. The HUD’s budget for 2022 was $60.3 billion. The proposed budget for 2023 is $71.9 billion, plus another $35 billion for the Housing Supply Fund, a new mandatory program providing grants to state and local housing finance agencies and their partners to invest in strategies to increase the supply of affordable housing. The HUD is led by the HUD Secretary. The Secretary is nominated by the President, and confirmed by the Senate. As of November 2022 the current HUD Secretary is Marcia Fudge, who was appointed in March 2021. History of HUD
The Department of Housing and Urban Development (HUD) was established as a Cabinet-level agency by the Department of Housing and Urban Development Act on November 9, 1965. Created as part of President Lyndon B. Johnson’s War on Poverty, it consolidated five existing agencies (including the Federal Housing Administration, the Public Housing Administration, the Federal National Mortgage Association, aka Fannie Mae, and the Urban Renewal Administration) into one department. The aim was for the government to be able to handle housing issues, problems and financing Since 1934, the Federal Housing Administration and HUD have insured over 44 million home mortgages and approximately 50,000 mortgages. And since its inception in 1974, HUD’s Community Development Block Grant (CDBG) Program has awarded more than $144 billion to state and local governments to target their own community development priorities. What does HUD do
The HUD oversees a number of programs and initiatives. Some of the most important are the insurance provided via the Federal Housing Administration (FHA), overseeing the Fair Housing Act, and providing Block Grants to communities. HUD and the Federal Housing Administration
One of HUD’s chief roles is to provide mortgage and loan insurance, which it does through the Federal Housing Administration (FHA). Established in 1934 by the , the FHA was incorporated into the HUD in 1965. The and banks against the threat of borrower default on their loans, in return for a fee. This makes mortgages more accessible and affordable to low- and middle-income families. Many borrowers purchase their with an . Despite the name, it’s not a direct loan by the agency. Instead, it’s a mortgage insured by the Federal Housing Administration. FHA home loans require lower minimum credit scores and down payments than many , and are therefore more affordable for many people. HUD and the Fair Housing Act
Another key role of the HUD is to oversee the , which combats discrimination in the acquiring or renting of homes based on: Sex Race National origin Religion Familial status Disability The Fair Housing Act was an important step toward fair and equal treatment in homeownership. Before 1974, for example, women were not legally permitted to obtain a mortgage without a male cosigner. Today, in getting mortgages. Passed in 1968, the Fair Housing Act officially outlawed the practice of — deeming certain neighborhoods (usually minority- or immigrant ones) “hazardous” and allowing lenders to boycott them. Though it didn’t immediately solve the problem, the act gave individuals and groups grounds for suing if they felt redlining — or any other form of discrimination — was occurring. Lightbulb Bankrate Insight If you believe your rights have been violated due to gender, race or religious affiliation or any of the other designated reasons, you can with HUD’s Office of Fair Housing and Equal Opportunity (FHEO). Other HUD programs and initiatives
The HUD also offers a variety of other programs and initiatives to benefit individuals, families, and communities. Some of these include: Community Development Block Grant – This federal grant funds the development of neighborhoods for low- to mid-income families so that they can live near urban centers for employment, shopping and public transportation. Housing Choice Vouchers (also known as Section 8) — These for low-income families so they can choose where they want to live. — These are foreclosed properties that (HUD) is selling to the public, having seized them after the original owners defaulted on their mortgages. They’re available via online auctions at the HUD Homestore (), and individuals are favored over investors and businesses in bidding on them. SHARE: Troy Segal is Bankrate's Senior Homeownership Editor, focusing on everything from upkeep and maintenance to building equity and enhancing value. Related Articles