Origin

• Before HUD's creation, the Federal Housing Administration (FHA), created in 1934, subsidized government-approved mortgage insurance lenders. HUD became an official government agency in 1965 to supervise the FHA and assist in housing projects as part of Lyndon Johnson's "Great Society."
  
  

Mortgage Insurance

• Its official Web site states the FHA "provides lenders with protection against losses as a result of homeowners defaulting on their mortgage loans." Together, the FHA and HUD have insured more than 30 million homes.
  
  

Fair Housing Act

• After the race riots in 1968, the Fair Housing Act outlawed housing discrimination practices based on race and income. HUD was granted authority to provide mortgage fund assistance for low- and middle-income families "using government guaranteed mortgage-backed securities."
  
  

Tax Assistance

• Regulated by HUD, the Tax Credit Assistance Program (TCAP) subsidizes low-income housing projects for all 50 states. Priority is given to projects most likely to be completed by February 2012.
  
  

Recent Developments

• HUD has provided about $5 billion for households and communities affected most by the 2008 economic crisis. $1.5 billion has been allocated for preventing neighborhood "destabilization" and homelessness.