HUD - Housing and Urban Development Department

Definition

The United States Department of Housing and Urban Development (HUD) is a federal agency established in 1965 as part of President Lyndon B. Johnson’s Great Society program. HUD’s primary mission is to establish policies and and implement programs that address national housing needs, improve and develop the nation’s communities, and enforce fair housing laws. The agency’s objectives are to increase homeownership, support community development, and ensure equal access to housing regardless of race, religion, or socio-economic status.

Examples

1. Section 8 Housing Choice Vouchers: A HUD program that provides rental assistance to low-income families, seniors, and individuals with disabilities by allowing them to choose and lease safe, decent, and affordable privately owned rental housing.
2. Federal Housing Administration (FHA) Loans: These are public loans provided by HUD via the FHA that require lower minimum down payments and lower credit scores than conventional loans, helping more people qualify for mortgages.
3. Community Development Block Grants (CDBG): A program that provides annual grants to local governments and states to improve housing and living environments for low- and moderate-income individuals.

Frequently Asked Questions (FAQs)

What is the purpose of HUD?

The purpose of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD’s aim is to strengthen the housing market, protect consumers, meet the needs for affordable rental homes, utilize housing as a platform for improving quality of life, build inclusive and sustainable communities free from discrimination, and transform the way HUD does business.

How can I qualify for HUD housing assistance?

Eligibility for HUD housing assistance varies by program but generally depends on your annual gross income, family status, and U.S. citizenship or eligible immigration status. Primary qualifying factors include being low-income or very-low-income based on HUD’s income limits.

What are HUD’s income limits?

Income limits vary based on geographical location and family size. HUD defines low-income families as those whose incomes do not exceed 80% of the median income for the area, and very low-income families as those whose incomes do not exceed 50% of the median income.

Related Terms

• Fair Housing Act: A set of laws enforced by HUD that prohibits discrimination in housing based on race, color, national origin, religion, sex, familial status, or disability.
• Public Housing: A form of housing tenure in which the property is owned by a government authority, which may be federal, state, or local.
• HOME Investment Partnerships Program: A HUD program that provides grants to states and localities to fund a wide range of activities including building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance.
• Veterans Affairs Supportive Housing (VASH): A program combined with HUD vouchers to provide rental assistance and support services ensure that homeless veterans obtain and sustain permanent housing.

Online Resources

• HUD.gov: Official HUD website offering comprehensive information on all HUD programs, housing resources, and updates.
• National Low Income Housing Coalition (NLIHC): Advocacy and research organization focused on empowering low-income Americans by providing resources and information about federal housing policy.
• The Federal Housing Administration (FHA): Information on FHA loans and how to qualify for them.

References

• “HUD at 50: Creating Pathways to Opportunity” - U.S. Department of Housing and Urban Development: This publication celebrates HUD’s 50th anniversary and showcases the agency’s accomplishments and ongoing challenges.
• “The Affordable Housing Reader” by J. Rosie Tighe and Elizabeth J. Mueller: This book provides a collection of the most important essays on affordable housing policies and issues.

Suggested Books for Further Studies

• “Evicted: Poverty and Profit in the American City” by Matthew Desmond: This national bestseller illustrates the deep roots and interconnectedness of poverty and housing instability in America.
• “The Color of Law: A Forgotten History of How Our Government Segregated America” by Richard Rothstein: A vital book detailing how government policies influenced residential segregation.
• “Housing Policy in the United States” by Alex F. Schwartz: A comprehensive overview of current housing policies in the United States and their impact on housing and communities.

Real Estate Basics: HUD Fundamentals Quiz