|HUD No. 19-006
February 1, 2019
HUD RELEASES 2018 YEAR IN REVIEW HIGHLIGHTING ACCOMPLISHMENTS UNDER SECRETARY CARSON
WASHINGTON â€“ Today, the U.S. Department of Housing and Urban Development (HUD) released its 2018 Year in Review outlining the major accomplishments of the agency under Secretary Ben Carson.
â€śOver the past year, the Trump Administration has continued to deliver on its promise to create greater economic opportunity for low-income families and encourage reinvestment in underserved communities,â€ť Secretary Carson said. â€śHUD is advancing its mission by providing sustainable homeownership opportunities, removing barriers to revitalization and affordable housing, and helping communities impacted by natural disasters rebuild, among other efforts. I look forward to continue building on the successes of the past year and opening more pathways to self-sufficiency for HUD-assisted families.â€ť
HUDâ€™s achievements in 2018 include:
- Spurring Reinvestment in Communities
- HUD preserved affordable housing options by converting over 100,000 public housing units through the Rental Assistance Demonstration (RAD) program, which has generated close to $6 billion in construction investment.
- The Administration established the White House Opportunity and Revitalization Council, covering 13 federal agencies and led by Secretary Carson, which will work to prioritize Opportunity Zones in a variety of federal efforts, including grant funding, loan guarantees, infrastructure spending and crime prevention.
- Advancing Economic Opportunity
- HUDâ€™s Federal Housing Administration (FHA) served nearly 669,000 mostly first and low- to moderate-income, single-family homebuyers through home loans; supported the production and preservation of 121,600 multifamily units; and provided $2.45 billion in insurance for hospital and residential care facilities.
- Ginnie Mae served 1.86 million households by attracting global capital to the nationâ€™s housing market through its mortgage-backed security (MBS) in conjunction with the governmentâ€™s lending programs, such as the FHA and Veterans Affairs (VA).
- Reducing Homelessness Among Extremely Vulnerable Populations
- HUD, through the HUD-Veterans Affairs Supportive Housing (HUD-VASH) program, reduced veteran homelessness by 5.4 percent since last year, falling to nearly half of the number of homeless veterans reported in 2010.
- HUD-supported Continuums of Care (CoCs) reduced the number of families with children experiencing homelessness by 2.7 percent since 2017 and 29 percent since 2010.
- Funding Disaster Recovery at Historic Levels
- HUD has responded to natural disasters with historic funding levels and assistance to support the long-term recovery of affected communities. Specifically, HUD is allocating more than $35 billion in Community Development Block Grant â€“ Disaster Recovery (CDBG-DR) funding to 16 states and local governments in FY2018 following several natural disasters to support long-term recovery efforts.
- HUD introduced new FHA financing options, including the â€śDisaster Standalone Partial Claim,â€ť for disaster victims who are rebuilding or buying another home following a disaster. This option covered up to 12 months of missed mortgage payments via an interest-free second loan on the home.
- Protecting Taxpayers
- HUD won a significant legal victory in Anaheim Gardens v. United States, a case that has been pending for 25 years and presented HUD and the Federal government with potentially more than $100 million in liability exposure.
- HUD reduced the FHAâ€™s exposure to risk and promoted sustainable homeownership. Specifically, HUD exceeded the statutorily mandated 2.0% capital ratio in the Mutual Mortgage Insurance (MMI) Fund in fiscal years 2017 and 2018 by not implementing a premium decrease announced by the previous administration.