Officials Announce the Emergency Homeowners' Loan Program
HUD's Boston Regional Administrator Richard Walega and Congresswoman Rosa DeLauro joined the Economic Development Administrator for the City of New Haven, the President and Executive Director of the Connecticut Housing Finance Authority, Executive Director of Neighborhood Housing Services of New Haven and local homeowner Lourdes Castillo to announce the Emergency Homeowners' Loan Program (EHLP). Connecticut is one of 32 states and Puerto Rico chosen to receive the funding to help homeowners struggling with unemployment.
Housing counselors, local citizens and others gathered to hear the details of the new program. The funding provides $32,946,864 to the state of Connecticut.
In order to qualify, a homeowner must meet the following eligibility requirements:
"This Emergency Homeowners' Loan Program will help homeowners that have lost their jobs through no fault of their own, or whose work hours have been significantly reduced, or because of an illness. Too many families have been trapped in the cycle of losing their jobs, being unable to pay their mortgages and losing their homes," said Congresswoman DeLauro. "These critical funds will help struggling homeowners get the assistance they need through forgivable, deferred payment, zero interest "bridge loans" for up to 24 months, enabling families to keep their homes."
The loan may be up to $50,000 and may be used to pay arrearages such as delinquent taxes and insurance, mortgage principal, interest, mortgage insurance premiums, taxes and hazard insurance.
Applications are not being taken at this time for the program. HUD is working to get the program up and running as soon as possible. Visit HUD's website for additional information on the Emergency Homeowners' Loan Program.
Contact a HUD-approved housing counseling agency to obtain information on other loss mitigation options that are available now.
|Content Archived: May 22, 2012|