MyNewPlace Blog

REITs

CNN Money's online edition clues investors in on the disproportionately high dividend yields offered by REITs. While the average stock dividend from the S&P was about 2.6 percent, the average REIT dividend averaged 7 percent. [CNN Money]

HUD

HUD announced today that they would be releasing $58 million for housing counseling; the funds will be made available to “HUD-approved counseling agencies and State Housing Finance Agencies that offer a variety of services including how to purchase or rent a home, how to avoid foreclosure, how to improve credit scores, and how to qualify for a reverse mortgage." HUD will distribute 400 grants for this purpose (which averages out to $145,000 per grant) based on applications that are due by July 17th. [HUD]

This money is part of HUD's stimulus cash. Last week we explained how of the $ 4 billion HUD was granted, $3 billion was deployed by preexisting formula, leaving $1 billion available for competitive grant processes.

HUD is subdividing this money into 4 categories: energy efficiency (receiving by far the lion's share with $600 million) financing stalled projects, public housing transformation, and housing for the elderly and persons with disabilities. It is unclear from which category the above mentioned housing counseling will be taken.

HUD is certainly pushing energy efficiency for PHAs across the country, putting two thirds of its competitive money toward that cause. Applications are due in 5 days! [HUD]

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