Box 5, Folder 2, Document 37

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Box 5, Folder 2, Document 37

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·At;al~l'ta One of 12
For HUD Housing
J:Iome_ ownership for low-income families whq have poor
' credit ratmgs was brought a step closer to reality in Atlanta and
11 other cities Wednesday through a new pilot program launched the Department of Housing and Urban Development (HUD).
! The program was a11thorized
by the Housing and Urban De- promise that the family involved · .
velopment Act of 1968. Operat- can be helped through budget
ing through the Federal Housing counseling and guidance to hanAdministration (FHA), HUD dle the responsibilities of home
will insure mortgage loans for IOWn~rship.
low-income families that -might Said Brownstein: "Wihh this
not otherwise qualify as borrow- new program, we hope to offer
ers . due to previous credit his- the prospect of home ownership
tory or irregular income.
to people who have had little
P. N. Brownstein, assistant hope of _ever owning a ~ome." .
HUD secretary and commis- . He _sa1? the local service agensioner of the FHA, said a local c~es mviLed to tak<e part in the
service organization in each of pilo_t study v.:ere sel~cted on the
the 12 cities will provide budget basis of their pr,ev10us experiand credit counseling to the ence in dealing with limited inlow-income families who receive come home buyers under other
an insured loan under the new HUD programs for low and
moderate income families.
{ In Atlanta, the service agency Mortg~ges insured . by HUD
· the Consumer Credit Counsel- under this program will have to
·ng Service of Greater Atlanta, m ~et_the same requirements as
existing FHA mortgage insur~ The other cities where the ance plans, except that regular
pilot plan is being tried . are cr_edit and income requirements
Rochester , N. Y.; Jacksonville; will not apply.
Milwaukee; Denver; Seattle·
Washington, D.C.; Du I u th
Minn. ; Wilmington, Del.; Pitts- $15,000 will be eligible for insurburgh; St. Louis, and Memphis. ar.ce. The amount is up to
$17,500 in high cos,t regions.
_ BROWNSTEIN SAID in his However, the monthly payments
announcement tha t the control- of principle, interest, insurance
ling factor in the FHA's decision and taxes must not total more
to underwrite a mortgage will than 25 per cent of the family's
be the local service agency's · average monthly income.

1, ·

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