Department Of Housing And Urban Development (HUD)
Definition of "Department of Housing and Urban Development (HUD)"
Created by the US Congress in 1965, the Department of Housing and Urban Development (HUD) is the agency principally responsible for federal programs relating to housing and urban improvement throughout America.
An important infrastructure feature, the Department of Housing and Urban Development (HUD) has programs that include mortgage insurance for home-buyers, low-income rental assistance, and initiatives for urban revitalization that are developed in conjunction with state and municipal authorities. Not to mention important real estate business conventions and practices and building regulations that the Department of Housing and Urban Development (HUD) champions to make real estate fair for everyone and healthy not only for our financial system but for the American society as a whole, providing assistance to the homeless, applying environmental compliance measures and natural disaster assistance.
Originally, much of HUD’s effort was devoted to subsidizing the construction and operation of low and moderate income housing. Under Ronald Reagan’s administration in the 1980’s, the Department of Housing and Urban Development (HUD) began emphasizing the rehabilitation of substandard housing and assisting low-income tenants in paying for existing housing, either through direct rent subsidies or through a system of housing vouchers.
Two of HUD’s most recognizable programs are Ginnie Mae, which – on a quick analysis - promotes real estate development through liberating cash flow for mortgage companies, and the Federal Housing Administration (FHA), which provides accessible mortgage insurance on loans made by accredited lenders.
Real Estate Advice:
The Department of Housing and Urban Development (HUD) has the mission of taking care of the real estate eco-system, but the real estate agent has the mission of taking care of YOU! Browse The OFFICIAL Real Estate Agent Directory ® and find one for you!
Popular Real Estate Terms
Also called straight bankruptcy. A provision of the 1978 bankruptcy Reform Act providing for a persons property to be divided among creditors to satisfy his/her unpaid debts. Any debtor ...
Value is exchanged by the parties to an agreement involving current or future performance making it legally enforceable. Without reasonable consideration for performance, the contract may ...
The term agricultural property means a type of land that has been designed or is permitted to engage in agricultural activities. Also referred to as agricultural land, agricultural ...
Transfer of real estate from one taxpayer to another that are exempt from federal income taxes. An example is an exchange of property in which ownership of transferred real estate is still ...
Time period that a round of regular recurring construction takes place. There may be boom and bust times in construction activity. ...
Market condition in which the prices of real property are declining because of a lack of demand normally associated with a general economic slowdown. ...
The definition of real estate owned (REO) is known by heart by house flippers or by real estate agents specialized in bank owned properties. These are properties that once used to be in a ...
Person serving as a property administrator for someone who is incompetent due to a mental or physical deficiency. ...
A simple box-shaped house with clapboard siding and a gable roof. ...
Have a question or comment?
We're here to help.