Real Estate News

HUD Releases $3 Billion In Emergency Funding To Mississippi

WASHINGTON – Housing and Urban Development Secretary Alphonso Jackson today announced he is releasing $3 billion to the state of Mississippi to help thousands of homeowners in the state to recover from Hurricane Katrina. Last April, HUD approved Mississippi’s plan that is part of $5 billion allocated in Community Development Block Grant (CDBG) funding to help the state in its long-term recovery efforts. Jackson will make a televised statement on the release of these funds this afternoon (see details below).

Today’s release of funds means thousands of qualified homeowners in Mississippi will shortly be receiving up to $150,000 to help them recover from Hurricane Katrina. The remaining $2 billion in CDBG funding will be made available to Mississippi once the State submits an amendment to its action plan for HUD’s review.

"Today we take another step closer toward helping make Mississippi homeowners whole again," said Jackson. “Throughout this process, Mississippi was intent on getting this money to the very people who need it most. I’m confident that with the appropriate safeguards in place, Mississippians have created a homegrown plan to rebuild their local communities.”

Mississippi Governor Haley Barbour said, "I am grateful to HUD for approving our plan and pleased that today's release of funds will get essential money into the hands of coastal homeowners who desperately need the help."

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	Did You Know?
	Three theories exist regarding who has legal title to a mortgaged property Under the title theory title to the security interest rests with the mortgagee. Most states, however, follow the lien theory under which the legal title remains with the mortgagor unless there is foreclosure. Finally, the intermediate theory applies the lien theory until there is a default on the mortgage whereupon the title theory applies.