HUD is a department of the US government. It was founded in 1965 to develop policy relating to housing and cities; in recent years it has focused nearly exclusively on housing. HUD offers several low-cost loan options to allow low-income HUD participants to purchase or renovate housing. HUD additionally offers several other programs focusing on low- to moderate-income homeowners. Since the mid 1990s, HUD has been plagued by a series of organizational issues ranging from lax oversight to outright fraud.