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Estate News
Hud Housing Program
The Uniform Act, passed by Congress in 1970, is a federal law that establishes minimum standards for federally funded programs and projects that require the acquisition of real property (real estate) or displace persons from their homes, businesses, or farms. The Uniform Act's protections and assistance apply to the acquisition, rehabilitation, or demolition of real property for federal or federally funded projects. 49 CFR Part 24 is the government-wide regulation that implements the URA.
HUD Handbook 1378 provides HUD policy and guidance on implementing the URA and 49 CFR Part 24 for HUD funded programs and projects. This module covers URA requirements as they apply to HUD programs.
What are the URA's objectives?
To provide uniform, fair and equitable treatment of persons whose real property is acquired or who are displaced in connection with federally funded projects
To ensure relocation assistance is provided to displaced persons to lessen the emotional and financial impact of displacement
To ensure that no individual or family is displaced unless decent, safe, and sanitary (DSS) housing is available within the displaced person's financial means
To help improve the housing conditions of displaced persons living in substandard housing
To encourage and expedite acquisition by agreement and without coercion
A Rehabilitation mortgage is a mortgage that covers the costs of repairing or improving
Rehabilitation mortgage is a mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages - like the FHA's 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.
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News about real estate cases in Maine and nationwide:
Definition:
Failure of a borrower to make timely mortgage payments under a loan agreement.
Fair market value
Definition:
The hypothetical price that a willing buyer and seller will agree upon when they are acting freely, carefully, and with complete knowledge of the situation.
Closing costs
Definition:
Customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.
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general information related to real estate issues commonly encountered.
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