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HUD and NeighborWorks America Announce Emergency Homeowners' Loan Program

(Family Features) The U.S. Department of Housing and Urban Development (HUD) in conjunction with NeighborWorks America announce the launch of the Emergency Homeowners' Loan Program (EHLP) today, to help homeowners who are at risk of foreclosure in 27 states across the country and Puerto Rico.

The program will assist homeowners who have experienced a reduction in income due to:

  • Involuntary unemployment.
  • Underemployment.
  • Economic conditions.
  • Medical condition.

Congress provided $1 billion dollars to HUD, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to implement EHLP. Under EHLP guidelines, qualified homeowners could receive:

  • Interest-free loans.
  • Payment of a portion of a monthly mortgage for up to two years, or up to $50,000, whichever comes first.
  • Payment of a portion of monthly mortgage, including missed mortgage payments or past due charges including principal, interest, taxes and insurance.

EHLP is expected to aid up to 30,000 distressed borrowers, with an average loan of approximately $35,000.

To apply:

  • Submit by July 22, 2011.
  • Go to www.FINDEHLP.org for eligibility requirements and additional information.
  • Complete Pre-Applicant Screening Worksheet.
  • Or call 855-FIND-EHLP (855-346-3345).

"Through the Emergency Homeowners' Loan Program, the Obama Administration is continuing our strong commitment to help keep families in their homes during tough economic times," said HUD Secretary Shaun Donovan. "Working with our community partners across the nation through NeighborWorks America, we are pleased to launch this program today in 27 states and Puerto Rico to help families keep their homes while looking for work or recovering from illness."

About the U.S. Department of Housing and Urban Development (HUD)

HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

About NeighborWorks America

NeighborWorks America creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. Since 1991, we have assisted nearly 1.2 million low- to moderate-income families with their housing needs. Much of our success is achieved through our support of the NeighborWorks network - more than 235 community development organizations working in more than 4,400 urban, suburban and rural communities in all 50 states, the District of Columbia and Puerto Rico. In the last five years, NeighborWorks organizations have generated more than $15 billion in reinvestment in these communities. NeighborWorks America is the nation's leading trainer of community development and affordable housing professionals.

SOURCE:
U.S. Department of Housing and Urban Development