this U.S. Department of Housing and Urban Development (head-up display) and federal housing administration The Federal Housing Administration (FHA) on Thursday announced expanded relief for homeowners in Maui, Hawaii, who are seeking to rebuild their single-family homes after devastating wildfires devastated the town of Lahaina.
This week marks the one-year anniversary of the fires, and federal regulators are rushing to provide new relief supplies.
“Effective immediately, qualified borrowers and renters in Maui County who lost their home and are rebuilding or purchasing another home can continue to use the FHA’s 203(h) Disaster Victims Mortgage Insurance Program to obtain up to 100% financing,” HUD announced.
Concurrent with this announcement is a notice of the Federal Housing Administration’s (FHA) Temporary Partial Exemption from the 203(h) Program. This expands the requirements for affected Maui residents, which typically “requires that a Federal Housing Administration (FHA) case number be assigned within one year of the declaration of a Presidential Major Disaster Area (PDMDA).”
The FHA explained that the unique circumstances of Maui’s situation, coupled with its isolation from the mainland United States, necessitated such relief.
“Due to Maui’s unique geography, recovery efforts are made more difficult and the scope of damage caused by wildfires, [HUD] The one-year requirement has been partially waived,” the notice said.
“Mortgages offered to borrowers affected by the Hawaii wildfire disaster through the FHA 203(h) Disaster Victims Mortgage Insurance Program will be eligible if an application for insurance is submitted during the exemption period expiring on August 10, 2025. Insurance.
also, white house Outlining the Biden-Harris administration’s “priorities for ongoing and long-term recovery efforts, including moving residents from temporary shelters to long-term housing solutions, supporting housing rebuilding efforts, and ensuring new homes are climate resilient so families can stay in Staying safe amid climate change – Extreme weather events are becoming more frequent due to climate change,” according to the HUD advisory.
HUD Acting Secretary Adrianne Todman said this support is necessary “to provide homeowners with support to ensure they can rebuild and stay on Maui,” she explained.
Late last week, more than 10,000 disaster victims, including homeowners, businesses and other individuals, received financial aid from the state of Hawaii, Maui County, Hawaiian ElectricKamehameha Schools, west maui land corp., Hawaii Telecom and Spectrum/Charter Communications.
