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Digital News Report – An additional $3 billion has been allocated by the Obama administration to help homeowner’s make their monthly mortgage payments if they are in the hardest hit areas in the nation and if they are either unemployed, underemployed, or suffer with a medical condition.
The Obama Administration announced the allocation of $2 billion in additional financial assistance for two existing foreclosure prevention programs – Housing Finance Agency (HFA) Innovation Fund and Hardest Hit Fund. The HFA programs will help make mortgage payments for those homeowners that have become unemployed and unable to make their payments. The new allocated HFA funds will be made available to 17 states and the District of Columbia. (See chart below for allocated amounts and states.)
In addition to this announcement the U.S. Department of Housing and Urban Development (HUD) will soon begin a $1 billion Emergency Homeowners Loan Program that will give financial assistance for up to 24 months to those homeowners that may be at risk for foreclosure and have experienced a reduction in income because of either involuntary unemployment, underemployment, or a medical condition. The homeowner has to be three months behind on their mortgage payments and can’t own a second home. The homeowner has to show a record of on time payments prior to the job loss. They also need to live in the property that they are seeking assistance with this government loan program. This financial assistance locations that will be helped with these HUD emergency mortgage payments bridge loans are still being determined.
By: Victoria Brown
Here is a List of States that will receive the $2 Billion and the allotted amount:
| Alabama | $60,672,471.00 |
| California | $476,257,070.00 |
| Florida | $238,864,755.00 |
| Georgia | $126,650,987.00 |
| Illinois | $166,352,726.00 |
| Indiana | $82,762,859.00 |
| Kentucky | $55,588,050.00 |
| Michigan | $128,461,559.00 |
| Mississippi | $38,036,950.00 |
| Nevada | $34,056,581.00 |
| New Jersey | $112,200,638.00 |
| North Carolina | $120,874,221.00 |
| Ohio | $148,728,864.00 |
| Oregon | $49,294,215.00 |
| Rhode Island | $13,570,770.00 |
| South Carolina | $58,772,347.00 |
| Tennessee | $81,128,260.00 |
| Washington, DC | $7,726,678.00 |