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Foreclosure Prevention Funding Expanded To Include Ohio

Monday, March 29, 2010 at 1:22 PM

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Ohio is among several states being added to the federal government's funding program to help struggling homeowners in the hardest hit housing markets.

After fielding complaints from state and local officials and members of Congress that Ohio wasn’t included in the first round of funding, the government has added five states to the original five being helped under what’s known as the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets - or HFA Hardest Hit Fund for short. 

Senator Sherrod Brown was among those who objected to being omitted, pointing out that Ohio was at the epicenter of the foreclosure crisis and fared as poorly as Michigan, which was one of the states included in the first round of funding.

This second round of funding will include up to $172 million dollars for Ohio.

Brown:  “Funds can be used for programs that provide assistance for unemployed borrowers so they can avoid foreclosure, to promote mortgage modification and short sales and programs that encourage lenders write down a portion of the principle for a borrower who owes more than the home is worth.  This is a major step for ohio to help homeowners, to help communities.”

The funding comes through the federal Troubled Asset Relief Program. 

Round one of the HFA hardest Hit Fund provided up to 1.5 BILLION dollars for five states:  California, Nevada, Arizona, Florida and Michigan.  In addition to Ohio, North and South Carolina, Oregon and Rhode Island are getting help in round 2. 

Tags

Economy, Facing the Mortgage Crisis, Government/Politics

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