Deputy secretary of HUD talks shop
By John Temple Ligon
Temple@TheColumbiaStar.com

HUDDeputy Secretary Roy Bernardi

The Columbia Rotary on Monday, April 30, at lunch heard from Roy A. Bernardi, deputy secretary at the federal department of Housing and Urban Development. He also was the 51st mayor of Syracuse, N.Y.

HUD has 9,100 employees and a $32 billion budget, all to share in a vision for the country's housing, including a better built Gulf Coast and a bigger share of the country's population living in owner- occupied homes. The home ownership number in Columbia and S.C. is already about 70%. Home equity is about one- half of household wealth.

For the first-time homebuyer, HUD sponsors counseling sessions to educate the public. In 2001, the counseling budget was $7 million. President Bush recently asked for a new $250 million annual budget for first-time homebuyer counseling. Some of the disappointments in the sub-prime market can be attributed to unaware consumers.

In 2005, sub- prime loans were 7% of the total for the year, while in 2006, they were 12%.

As part of the current National Financial Literacy Month, Bernardi reminded the audience the need to teach youngsters credit.

Bernardi cited the current cool condition of the housing market, previously overheated in the 2004-05 time frame. Bernardi emphasized to the Rotary audience the current condition was a cool- down, not a melt- down.

In closing, Bernardi said how much he appreciated the effectiveness of the federal government's Community Development Block Grants and especially in Columbia where the money is so capably and selectively disbursed. The current year's disbursement is $1.3 million for Columbia, and next year's projected number is $1.8 million if the anticipated changes are made.