Nydia M. Velazquez: “Families that receive housing counseling and home inspections make better decisions when it comes to purchasing or…”

“Families that receive housing counseling and home inspections make better decisions when it comes to purchasing or refinancing a home. They understand the financial burdens they can reasonably assume and what future costs they may incur due to homeownership, reducing their individual risk of foreclosure in the future. Fewer individual foreclosures also benefit surrounding communities; home prices remain stable, blight is reduced, and more families remain in place. That is why I have been relentless in urging HUD to improve the educational resources available to borrowers when purchasing or refinancing a home. Currently, HUD is working to improve its certified housing counselor training for potential and existing homebuyers, as well as develop home inspection educational materials for consumers when purchasing a home. Unfortunately, the issuance of these resources has been delayed. To date, only a few of the housing counseling documents have been released for public comment, including the application for the Housing Counseling Federal Advisory Committee and certification for HUD housing counseling. The legislation before us today, H.R. 2610, the Transportation, Housing and Urban Development, and Related Agencies Appropriation Act, would reduce funding to finalize these resources at the time they are most needed. Many low-to-moderate-income homeowners are still struggling to afford their homes.…”