NeighborWorks America, an organization designed to increase access to homeownership and safe and affordable rental housing, has announced that $73,870,078 has been awarded to 32 state housing finance agencies (HFAs), 18 HUD-approved housing counseling intermediaries, and 86 community-based NeighborWorks organizations to provide counseling to families and individuals facing the threat of foreclosure. Just four months after the sixth round of National Foreclosure Mitigation Counseling (NFMC) Program funds were appropriated to communities across the country.
According to NeighborWorks America, at a time when foreclosures continue to affect communities around the country and unemployment rates remain stubbornly high, the need for the NFMC funding is critical. Demand for these funds far exceeded the amount of funding available; eligible applicants requested over $124 million in NFMC grant funds.
In total, more than 1,300 nonprofit counseling agencies and local NeighborWorks organizations across the country are expected to be engaged in the NFMC Program as a result of these awards. These organizations provide free assistance to families at risk of losing their homes, determine homeowner eligibility for the various state and federal foreclosure prevention assistance programs, help homeowners understand the complex foreclosure process, and identify possible courses of action so their homeowner clients can make informed decisions and take action.
To date, more than 1,350,000 families in all 50 states, Puerto Rico and Guam have received foreclosure counseling through the NFMC Program. It is estimated that nearly 190,000 families facing the threat of foreclosure will be directly assisted with this sixth round of funding. Many more are expected to be helped by the training of foreclosure counselors provided through the NFMC Program. NeighborWorks expects to train more than 2,000 counselors with the sixth round of NFMC funding.
Source: NeighborWorks America