Administration Adds Funds to State Housing Foreclosure Prevention Programs

A few days after awarding a second round of funding to five states , the Obama Administration announced a $2 billion expansion of its Innovation Fund for the Hardest Hit Housing Markets (the Hardest Hit Fund). At the same time it…

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A few days after awarding a second round of funding to five states , the Obama Administration announced a $2 billion expansion of its Innovation Fund for the Hardest Hit Housing Markets (the Hardest Hit Fund). At the same time it said that the U.S. Department of Housing and Urban Development (HUD) will initiate a $1 billion complementary program titled the Emergency Homeowners Loan Program to provide assistance to homeowners who are at risk of foreclosure because of a reduction in income due to un-or-under employment or a medical condition. The Hardest Hit Fund awards money to state housing finance agencies(HFAs) agencies in states that have suffered the double whammy of high unemployment and a drop of more than 20 percent in housing values. Funds can be used for specific programs proposed...(read more)

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