WASHINGTON — U.S. Sens. Debbie Stabenow and Carl Levin, both D-Mich., announced $ $2,052,390 in funding from the Department of Housing and Urban Development (HUD) to support the delivery of housing counseling services to Michigan homebuyers, homeowners, low- to moderate-income renters, and the homeless. The Housing Counseling Program grants are intended to improve financial literacy, expand homeownership opportunities, improve access to affordable housing and preserve homeownership.

“The funds from the Housing Counseling Program will help encourage homeownership in communities across the state of Michigan,” said Stabenow. “Michigan families will have more access to resources which will allow them to stay in their homes and homebuyers will be able to make sound choices, informed decisions and find affordable housing. Our economy will benefit from the fostering of homeownership and good renting practices.”

“Every Michigander deserves a home, and I’m pleased these funds will help many across the state secure affordable housing and make sound investments,” Levin said. “These funds will be used to help the thousands afflicted by foreclosure and to ensure that those who have lost or might soon lose their homes are protected.”

Funding will allow housing counselors to provide guidance and information to improve access to affordable housing, improve housing conditions and preserve homeownership. Counselors will also be able to help borrowers avoid inflated appraisals, unreasonably high interest rates, unaffordable repayment terms, and other conditions that can result in a loss of equity, increased debt, default, and eventually foreclosure. Counselors may provide counseling services to homeowners to prevent or resolve mortgage delinquency, default, and foreclosure, with a primary objective of preserving homeownership.

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