The U.S. Department of Housing and Urban Development and NeighborWorks America have jointly launched the Emergency Homeowners' Loan Program to aid homeowners at risk of foreclosure in 27 states, including Missouri, and Puerto Rico.
The $1 billion program - funded as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act - would aid those who have undergone an income reduction due to involuntary unemployment, underemployment or a medical condition, according to a HUD news release.
Through EHLP, homeowners can qualify for interest-free loans that pay a portion of the person's monthly mortgage for up to two years or $50,000, whichever comes first.
“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,” HUD Secretary Shaun Donovan said in the release. “Working with our community partners across the nation through NeighborWorks America, we are pleased to launch this program ... to help families keep their homes while looking for work or recovering from illness.”
Washington, D.C.-based NeighborWorks America is an affordable housing and community development advocacy group that works with 325 nonprofit organizations and more than 4,500 communities countrywide. The organization provides grants, program support, training and technical assistance to its network, according to its
Web site.
"Through our work around the country, NeighborWorks America knows all too well that in these tough economic times, homeowners facing foreclosure are seeking help wherever they can find it," NeighborWorks America CEO Eileen Fitzgerald said in the release.
Applications for EHLP assistance are
available online through July 22.
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