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U.S. Department of Housing and Urban Development

U.S. Department of Housing and Urban Development.

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U.S. Department of Housing and Urban Development

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  1. U.S. Department of Housing and Urban Development United States Department of Housing and Urban Development coordinates and administers programs that provide assistance for housing and community developments. The department assists in finding solutions to the problems of housing and urban development through state, local, or private action. It makes direct loans, insures mortgages, and provides housing, and it promotes and enforces equal housing opportunity.

  2. Alphonso Roy JacksonSecretary Department of Housing and Urban development Established: September 9, 1965 Employees (‘04): 10,600 Annual Budget (‘06): 28.5 Billion

  3. Housing Act of 1949 • The American Housing Act of 1949 was a landmark, sweeping expansion of the federal role in mortgage insurance and the construction of public housing. It was part of Harry Truman’s Fair Deal. • Provides federal financing for slum clearance programs associated with urban renewal projects in American cities. • Extends federal money to build more than 800,000 public housing units. • Permits the FHA to provide financing for rural homeowners.

  4. Federal Housing Administration • The Federal Housing Administration is the only government agency that is completely self-funded. It operates solely from its own income and comes at no cost to taxpayers. This department spurs economic growth in the form of home and community development. • Currently, the FHA has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio.

  5. Office of Federal Housing Enterprise Oversight • Their mission is to promote housing and a strong national housing finance system by ensuring the safety and soundness of Fannie Mae (Federal National Mortgage Association)  and Freddie Mac (Federal Home Loan Mortgage Corporation). • Fannie Mae and Freddie Mac are the nation's largest housing finance institutions. They buy mortgages from commercial banks, thrift institutions, mortgage banks, and other primary lenders, and either hold these mortgages in their own portfolios or package them into mortgage-backed securities for resale to investors.

  6. Office of Administrative Law Judges • Provides due process through timely and fair dispositions of all matters brought before them.

  7. Chicago Housing Authority • Focuses on the public housing in the city of Chicago, founded in 1937. • The Chicago Housing Authority continues to lead the way in changing the face of public housing. It is the largest and most ambitious public housing overhaul in the nation’s history.

  8. The Department of Housing and Urban Development building, Washington D.C.

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