FHA’s loan guarantee program is providing assistance to some of the nation’s poorest homeowners with home repairs and repairs to fix flood damage.
The federal government’s Department of Housing and Urban Development (HUD) says it is helping homeowners purchase flood-damaged property with money to repair it, including mortgage loans.
The program is available to homeowners whose homes have been damaged by Hurricane Matthew, a Category 3 storm, and those who can prove that they can make their own repairs.
They must apply for assistance through the Federal Housing Administration (FHA), which is funded by Congress.
The federal government provides $2.5 billion a year to homeowners and $8 billion to FHA.
It provides more than $3 billion a month to homeowners who are in need of emergency loans to repair damaged homes.
The FHA also has been funding the National Flood Insurance Program (NFIP) for more than a decade.
That program provides insurance to help people whose homes are damaged by floods, including property owners and homeowners with flood damage from Hurricane Matthew.
The government provides loans to FHAs for construction of new flood-proof homes.
The program is designed to be a bridge to homeowners rebuilding their homes, said Brian McGehee, FHA senior financial officer.
The Federal Emergency Management Agency (FEMA) provides more help for people in the flood-prone areas.
FEMA provides grants to homeowners for the purchase of flood-resistant structures, such as flood doors, and additional financial aid for homeowners who can pay for repair work, such in storm-damaging areas.
In the first six months of 2017, the FHA helped about 5,300 homeowners repair and replace flood-damage properties with flood-resistance material, according to FEMA.
FHA said it will continue to work with FHA to offer more help, including loan assistance, for people who can’t repair their homes and whose property is damaged by the hurricane.