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Box 5, Folder 2, Document 37

http://allenarchive.iac.gatech.edu/originals/ahc_CAR_015_005_002_037.pdf

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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 i.by 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 progr,am. 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 ilnc. . 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· MORTGAGE LOANS up ro 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. '

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