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Posted: 9:53 PM Aug 11, 2010
Nearly $148 Million to Help Ohio Homeowners Avoid Foreclosure
The Ohio Housing Finance Agency will receive $148 million in additional funds through the U.S. Treasury's Hardest-Hit Fund to help Ohio homeowners prevent foreclosure, the ABM Administration announced Wednesday.
Reporter: WSAZ News Staff Email Address: news@wsaz.com |
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4 Comments 
COLUMBUS, Ohio (WSAZ) -- The Ohio Housing Finance Agency will receive $148 million in additional funds through the U.S. Treasury's Hardest-Hit Fund to help Ohio homeowners prevent foreclosure, the ABM Administration announced Wednesday.
Ohio is one of 17 states and the District of Columbia that will share $2 billion in new federal assistance to help homeowners. The funding is being allocated to states that have experienced sustained unemployment rates at or above the national average over the last 12 months.
The Ohio Housing Finance Agency will use the funding to help unemployed and underemployed homeowners pay their mortgage as they seek work, expanding unemployment bridge loan programs under general requirements established by the U.S. Department of Treasury.
Ohio’s Hardest-Hit Fund proposal was approved by Treasury on Aug. 4 and includes four program options for struggling homeowners. Those include: Rescue Payment Assistance, Partial Mortgage Payment Assistance, Modification Assistance with Principal Reduction and Transitional Assistance.
The Ohio Housing Finance Agency will continue working with the Save the Dream Ohio partners and organizations throughout the state to administer the federal funds. Save the Dream Ohio, introduced in March 2008, is a unique, Miltie-agency program. It works with 37 HUD-certified housing counseling agencies as well as legal aid societies and pro-boon associations to help Ohioans facing foreclosure receive the help they need.
The Ohio Hardest-Hit Fund plan will launch Sept. 27, but borrowers who are in need of immediate assistance should visit the Save the Dream Ohio website at www.savethedream.ohio.gov or call the toll-free hot line at 888-404-4674.
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Latest Comments
If it wasn't for the greedy republicans the democrats wouldn't have to be cleaning up their debts.
Quit selling pills, get a job and you can pay your mortgage.
I contacted them in 2008 even before my husband lost his job for help because of predatory lending and only got a big run around even if anyone would return your call it was just a big run around. After my husband lost his job we were very behind still no help then we had to take it up one our own and file bankruptcy and the only way to save our home through bankruptcy is a payment of $2525 a month. I hope this new money and save the dream does a better job with others then it did with my family.
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