Real Estate Term of the Day: Department of Housing and Urban Development (HUD)
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (aka: HUD) – a U.S. government agency established to implement certain federal housing and community development programs. This federal agency attempts to assure decent, safe, and sanitary housing for all Americans, and investigates complaints of discrimination in housing (Barron’s Dictionary of Real Estate Terms)
Below are some historical dates for HUD*:
- 1965 – Department of Housing and Urban Development Act of 1965 creates HUD as Cabinet-level agency
- 1968 – Riots in major cities follow assassination of Dr. Martin Luther King Jr. Civil Rights Act of 1968 (also known as the Fair Housing Act) outlaws most housing discrimination, gives HUD enforcement responsibility. Housing Act of 1968 establishes Government National Mortgage Association (Ginnie Mae) to expand availability of mortgage funds for moderate income families using government guaranteed mortgage-backed securities.
- 1970 – Housing and Urban Development Act of 1970 introduces Federal Experimental Housing Allowance Program and Community Development Corporation.
- 1979 – Moon Landrieu becomes HUD Secretary, September 24. Inflation hits 19 percent, seriously impacting homebuying and home mortgage loans.
- 1983 – Housing and Urban-Rural Recovery Act of 1983 begins Housing Development Action Grant and Rental Rehabilitation programs.
- 1988 – Indian Housing Act gives HUD new responsibilities for housing needs of Native Americans and Alaskan Indians. Housing and Community Development Act allows sale of public housing to resident management corporations. Fair Housing Amendments Act makes it easier for victims of discrimination to sue, stiffens penalties for offenders.
- 1992 – Federal Housing Enterprises’ Financial Safety and Soundness Act of 1992 creates HUD Office of Federal Housing Enterprise Oversight to provide public oversight of FNMA and Federal Home Loan Mortgage Corporation (Freddie Mac).
- 1995 – “Blueprint for Reinvention of HUD” proposes sweeping changes in public housing reform and FHA, consolidation of other programs into three block grants.
- 1996 – Homeownership totals 66.3 million American households, the largest number ever.
- 2000 – America’s homeownership rate reaches a new record-high of 67.7 percent in the third quarter of 2000. A total of 71.6 million American families own their homes – more than at any time in American history.