Government OKs $600 Million in Housing Aid for 5 States

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The Obama administration plans to send $600 million to help unemployed homeowners avoid foreclosure in five states.

The Treasury Department said Wednesday that mortgage-assistance proposals submitted by North Carolina, Ohio, Oregon, Rhode Island, and South Carolina received approval. The states estimate their efforts could help up to 50,000 homeowners.

The administration is directing $2.1 billion from its existing $75 billion mortgage assistance program to a total of 10 states. Each state designed its own plan. Treasury approved money in June for Arizona, California, Florida, Michigan, and Nevada.

“These states have designed targeted programs with the potential to make a real difference in the lives of homeowners struggling to make their mortgage payments because of unemployment,” Herbert Allison, an assistant treasury secretary, said in a statement.

More aid to the unemployed is coming. The sweeping financial reform bill passed signed into law by President Barack Obama last month provides an additional $3 billion to help jobless homeowners pay their mortgages.

Of that money, $2 billion is coming from Treasury’s foreclosure-prevention effort. The rest is to be managed by the Department of Housing and Urban Development.

Source: Alan Zibel (HouseLogic.com)


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One response to this post.

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