MORTGAGE BLOGPosted On April 25, 2018
The Department of Housing and Urban Development (HUD) and the Department of Veterans Affairs (VA) announced a budget of $43 million toward funding permanent housing solutions for homeless veterans. The funding will be distributed amongst 325 local public housing agencies with the hopes of housing over 5,200 homeless veterans.
The funding will be provided through the HUD-Veterans Affairs Supportive Housing (VASH) Program, a joint service combining rental assistance from HUD with case management and clinical services from the VA. To find out if they qualify, homeless veterans must visit a VA medical center and be referred to a local housing agency. HUD reports since 2008 over 87,000 HUD-VASH vouchers have been awarded to approximately 144,000 veterans.
The VA is committed to ending veteran homelessness through outreach and assistance programs. The HUD-VASH program enables veterans to rent privately owned housing with about 30% of the rent covered by the vouchers. Through these efforts, 59 communities around the country and 3 states have effectively ended veteran homelessness. The VA reports nationally, overall veteran homelessness is down 50% since 2010.
HUD Secretary Ben Carson praised the move, expressing his support of the cause, “there is no greater responsibility than to end veteran homelessness and make certain that those who have served our nation have a home they can call their own.”
If you’d like to learn more about ending veteran homelessness, please visit VA.gov.
VA home loans, available to eligible veterans, active-duty military, and surviving spouses, are one way for returning veterans and those currently serving to secure permanent housing with 100% financing. By eliminating the down payment hurdle, veterans who finance through the VA home loan are able to start building equity through the purchase of an appreciating asset.
Sources: HousingWire, US Department of Veterans Affairs
