The Department of Housing and Urban Development is helping build HOPE throughout the St. Louis area.
Housing Options Provided for the Elderly (HOPE) in University City, Mo., is a recipient of $123,264 as part of $11 million being granted by the U.S. Department of Housing and Urban Development’s (HUD) Office of Housing Counseling.
The funds are earmarked to facilitate counseling services catering to the needs of homebuyers, homeowners, and renters across America.
Among HOPE’s services is reverse mortgage counseling. Its counselors assist seniors who are considering a reverse mortgage, offering accurate information from an unbiased source.
The agency also allows clients with low income or other hardships to finance the counseling fee, paying it from loan proceeds.
As stated on its website, HOPE’s mission is “Helping older adults live with dignity and independence in the housing most appropriate to their circumstances.” It is the only Missouri organization to receive the current boost in financing.
Many organizations receiving grants can use the funds to help bolster home ownership – a key to wealth building in Black and minority communities.
Vice President Kamala Harris said during a Milwaukee stop on her nationwide Economic Opportunity Tour, “Homeownership represents more than just a roof over our heads.
“It represents financial security, the opportunity to build wealth and equity, and a foundation for a better future for ourselves, our children, and future generations.”
Acting HUD Secretary Adrianne Todman emphasized the pivotal role of HUD-approved housing counseling agencies, which served nearly 1 million Americans last year alone, providing crucial advice on financial literacy, home maintenance, and foreclosure prevention.
“This past year, HUD-approved housing counseling agencies reached almost 1 million Americans, providing them with invaluable advice on important topics like financial literacy, maintaining a home, and avoiding foreclosure,” Todman said.
The awarded grants are poised to benefit more than 165 housing counseling agencies and intermediary organizations.
Notably, 14 grantees will collaborate with 60 historically Black colleges and universities and minority-serving institutions to support new homeowners of color and other marginalized communities.
The White House said the allocated funds will bolster counseling services covering various topics, including financial management, homeownership, and affordable rental housing.
For instance, UnidosUS aims to pave pathways for Latino homebuyers to enhance credit, access down payment assistance programs, and secure sustainable mortgage loans.
In Wisconsin, HUD estimates that over $300,000 of the new funding will aid consumers, with nearly 35,000 Americans already assisted by the program, 19,000 of whom reside in Milwaukee.
Officials said those counseling services, currently serving nearly 12,000 families in Wisconsin, including 40% Black families, play a crucial role in navigating housing challenges amid rising costs and limited inventory.
David Berenbaum, deputy assistant secretary for housing counseling, said it is important to have HUD-certified housing counselors as the first point of contact for those seeking housing support.
Since 2020, HUD has been at the forefront of supporting housing counseling initiatives, aiding over 3 million individuals and families to obtain, sustain, and retain their homes.
Berenbaum added that HUD’s ongoing initiatives, such as the introduction of programs aimed at historically underserved communities and the distribution of grants to bolster housing counseling services nationwide, underscore its commitment to extending housing counseling.
“Given the rising costs of housing, coupled with limited available inventory, housing counseling is a critical resource for homebuyers and renters seeking to navigate challenging processes and decisions,” he said.
