The U.S. Department of Housing and Urban Development said on Monday it would make up to a year's worth of mortgage payments for certain Gulf Coast hurricane victims who are willing and able to start living in their homes again.
The program, which HUD currently estimates could help up to 20,000 families at a cost of about $200 million, applies only to Federal Housing Administration-insured mortgages for damaged homes deemed repairable in federally declared disaster areas due to hurricanes Katrina, Rita or Wilma. |