Community Development

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HUD Awards More Than $72 Million to Empower Native American Communities Across the Nation

On December 9, 2024, the U.S. Department of Housing and Urban Development (HUD) awarded $72.6 million to 38 communities through the Indian Community Development Block Grant (ICDBG) program. These grant funds may be used for infrastructure, community buildings, housing rehabilitation, land acquisition, economic development, and more to support American Indian and Alaskan Native families on Indian reservations and in other Indian areas.  “We continue to make strong community development investments in Indian country,” said HUD Agency Head, The Honorable Adrianne Todman. “This funding allows Tribal Nations to meet the needs of their communities and make critical infrastructure improvements.”  HUD extends its gratitude to Tribes for providing vital feedback on the ICDBG program through Tribal consultation, which informed the development of this grant competition, from the design of the Notice of Funding Opportunity through our work to quickly complete the application review and award process. Click the title to learn more.

HUD Extends Foreclosure Moratoriums in Areas Devastated by Hurricanes Helene and Milton

On December 6, 2024, the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) announced it is extending through April 11, 2025, its foreclosure moratoriums for FHA-insured Single Family Title II forward and Home Equity Conversion Mortgages in Presidentially Declared Major Disaster Areas (PDMDAs) declared as a result of this past summer’s Hurricanes Helene and Milton. This extension provides borrowers affected by these catastrophic events with additional time to access federal, state, or local housing resources; to consult with a HUD-approved housing counselor; and/or to rebuild their homes. “When disaster strikes, we know that families and communities need not only resources, but time to recover,” said HUD Agency Head Adrianne Todman. “By extending our foreclosure moratorium, we continue the Biden-Harris Administration’s efforts to help those affected by the catastrophic Hurricanes Helene and Milton to repair and rebuild their homes, communities, and lives.”  Click the title to learn more.

HUD Announces $1.3 Million to Prevent Homelessness

On December 6, 2024, the U.S. Department of Housing and Urban Development (HUD) announced $1.3 million in funding for 21 Public Housing Agencies (PHAs) across 15 states for young adults under 25 years old who left foster care or are transitioning out of foster care. Through the Foster Youth to Independence (FYI) program, HUD will help prevent homelessness among young adults and eligible youth. This announcement supports the Biden-Harris Administration’s commitment to preventing people from becoming homeless, addressing inequities that disproportionately impact underserved communities, and helping cities and states reduce unsheltered homelessness. Click the title to learn more.

HUD Announces 2025 Loan Limits

On November 26, 2024, the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) announced new loan limits for calendar year 2025 for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) mortgage insurance programs. Loan limits for most of the country will increase in the coming year due to the continued appreciation of home prices over the past year.  The FHA must update its annual loan limits each year using a formula prescribed in the National Housing Act (NHA). This formula uses county or Metropolitan Statistical Area (MSA) home sale data to derive new loan limits for the three cost categories established by the law. The NHA requires FHA to establish its floor and ceiling loan limits based on the national conforming loan limit set by the Federal Housing Finance Agency (FHFA) for conventional mortgages owned or guaranteed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). This floor applies to those areas where 115 percent of the median home price is less than the floor limit. Any area where the loan limit exceeds this floor is considered a high-cost area. Click the title to learn more.

HUD AND CENSUS BUREAU REPORT NEW RESIDENTIAL SALES IN OCTOBER 2024

On November 26, 2024,  the U.S. Department of Housing and Urban Development (HUD) reported that sales of new single-family houses in October 2024 were at a seasonally adjusted annual rate of 610,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 17.3 percent (±12.8 percent) below the revised September rate of 738,000 and is 9.4 percent (±19.0 percent)* below the October 2023 estimate of 673,000. The median sales price of new houses sold in October 2024 was $437,300. The average sales price was $545,800. The seasonally-adjusted estimate of new houses for sale at the end of October was 481,000. This represents a supply of 9.5 months at the current sales rate. The November report is scheduled for release on December 24, 2024. View the full schedule in the Economic Briefing Room. The full text and tables for this release can be found at www.census.gov/construction/nrs/.  Click the title to learn more.