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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 68 J O U R N A L June 2023 1033 of the Consumer Financial Protection Act that will accelerate the shift to "open banking" in the United States. In June 2022, the CFPB finalized a rule implementing the Debt Bondage Repair Act to mitigate financial consequences for survi- vors of human trafficking. In February 2022, the CFPB published its outline of a proposal to implement a 2010 law to prevent algorithmic bias in home valuations and is working closely with other agencies to issue the proposed rule. HUD AWARDS MORE THAN $22M TO EXPAND ACCESS TO AFFORDABLE HOUSING T he U.S. Department of Housing and Urban Development (HUD) an- nounced the award of $12 million in grants to support nonprofit, self-help housing organizations that enable homeownership opportunities for hard-working, low-income families and individuals. Funded through HUD's Self-Help Homeownership Oppor- tunity Program (SHOP), the grants awarded May 11, along with the labor contributed by homebuyers and numerous volunteers, will significantly lower the cost of homeowner- ship. Additionally, HUD awarded $10 million in Rural Capacity Building (RCB) grants. The RCB program enhances the capacity and ability of rural housing development organizations, Community Development Corporations (CDCs), Community Housing Development Organizations (CHDOs), rural local governments, and Indian tribes to carry out affordable housing and community development activities in rural areas for the benefit of low- and moderate-income fami- lies and persons. "Today, we are investing in homeown- ership and expanding access to affordable housing to rural communities," HUD Secretary Marcia L. Fudge said. "The SHOP program provides a unique pathway for first- time homeowners and underserved groups to buy a home. At HUD, we care about rural America and these capacity building grants are further evidence of our commitment." Organizations who receive RCB and SHOP funding partner with local beneficia- ries and affiliates to help people and commu- nities throughout the country by increasing access and availability to affordable homes. HUD Deputy Secretary Adrianne Todman announced the awards in Russellville, Arkansas, where she stood alongside a future SHOP homeowner and a local organization who benefited from Rural Capacity Building grants to help make this happen. "The Biden-Harris administration is committed to helping Americans who live in rural communities get access to quality affordable housing, to rent and to own," HUD Deputy Secretary Adrianne Todman said. "Through these grants, HUD and our partners will build and repair homes and cre- ate housing solutions that match the unique needs of rural neighborhoods." HUD's Self-Help Homeownership Op- portunity Program (SHOP) The SHOP program provides federal grants on a competitive basis to national and regional nonprofit organizations and con- sortia that have experience in administering self-help homeownership housing programs. The SHOP grants must be used to purchase land and make necessary infrastructure im- provements, which together may not exceed an average SHOP investment of $15,000 per dwelling unit. Leveraged funds must be used for the construction or rehabilitation of these homeownership units. Many of the SHOP homebuyers are first-time homeowners and come from underserved groups. Since 1996, when Congress first appropriated SHOP funds, the SHOP program has provided more than $396 million in federal grants that, together with significant leveraged funds and numerous volunteer hours, are transforming lives and neighborhoods through the production of over 28,500 units of affordable, homeownership housing. Homebuyers will contribute significant sweat equity toward the development of their units and/or the units of other homebuyers participating in the local self-help housing programs. These sweat equity contributions reduce the purchase price of the SHOP units and make these units affordable for low-income homebuyers. A minimum of 100 sweat equity hours is required from a household of two or more persons. A minimum of 50 sweat equity hours is required from a household of one person. Community participation consisting of volunteer labor contributions is also required. Sweat equity and volunteer labor may include, but are not limited to, landscaping, foundation work, painting, carpentry, trim work, drywall, roofing, and siding for the housing. Reasonable accommodation must be made for persons with disabilities. HUD's Rural Capacity Building (RCB) The RCB enhances the capacity and ability of local governments, Indian tribes, housing development organizations, rural CDCs, and rural CHDOs, to carry out community development and affordable housing activities that benefit low- and moderate-income families and persons in rural areas.