The Department of Housing and Urban
Development (HUD) offers community development assistance and
programs that enable US residents to access affordable housing.
Created in 1965, HUD programs encompass a wide spectrum of housing
assistance and enforcement, including community development block
grants, single- and multi-family housing mortgage insurance,
manufactured home construction and safety standards, public and
Indian housing, and fair housing initiatives. The department
partners with faith-based and community organizations in realizing
new housing opportunities for disadvantaged residents. HUD's annual
budget is about $39 billion.
In response to a record number of foreclosures in 2009, HUD
introduced the Making Home Affordable program, a $1 billion
initiative designed to provide assistance for homeowners facing the
loss of their home. The program offered alternatives to foreclosure
and protection from falling home prices. More than 1
million homeowners were able to refinance their mortgages under
Shaun Donovan was sworn in as secretary of the US Department of
Housing and Urban Development in 2009.