HUD AND NEIGHBORWORKS AMERICA ANNOUNCE EMERGENCY HOMEOWNERS' LOAN PROGRAM
PROGRAM IS DESIGNED TO HELP HOMEOWNERS AT RISK OF FORECLOSURE
languages: English, Spanish, Chinese, Vietnamese and Korean)
The U.S. Department of Housing and Urban Development (HUD) in conjunction with
NeighborWorks America announced the launch of the Emergency Homeowners Loan
Program (EHLP) today, to help homeowners who are at risk of foreclosure in 27
states across the country and Puerto Rico.
Congress provided $1 billion dollars to HUD, as part of the Dodd-Frank Wall
Street Reform and Consumer Protection Act, to implement EHLP. The program will
assist homeowners who have experienced a reduction in income and are at risk
of foreclosure due to involuntary unemployment or underemployment, due to
economic conditions or a medical condition.
Under EHLP guidelines eligible homeowners can qualify for an interest free
loan which pays a portion of their monthly mortgage for up to two years, or up
to $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, said HUD Secretary Shaun Donovan. Working with our
community partners across the nation through NeighborWorks® America, we are
pleased to launch this program today in 27 states and Puerto Rico to help
families keep their homes while looking for work or recovering from illness.
The EHLP funds will pay a portion of an approved applicants monthly mortgage
including missed mortgage payments or past due charges including principal,
interest, taxes and insurance. EHLP is expected to aid up to 30,000 distressed
borrowers, with an average loan of approximately $35,000.
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. The deadline is July 22, 2011, so we
encourage homeowners to submit their information now in order to find out if
they qualify for this new mortgage assistance program and learn more about the
many options available to assist those with housing needs, stated Eileen M.
Fitzgerald, CEO of NeighborWorks® America.
The EHLP funding is a complement to the Hardest Hit Fund which makes available
$7.6 billion to 18 states and the District of Columbia that were hardest hit
by the housing crisis. The EHLP funds will be offered in the following states:
Alaska, Arkansas, Colorado, Hawaii, Iowa, Kansas, Louisiana, Maine,
Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New
Mexico, New York, North Dakota, Oklahoma, South Dakota, Texas, Utah, Vermont,
Virginia, Washington, West Virginia, Wisconsin, and Wyoming and Puerto Rico.
Five states operating substantially similar programs are administering EHLP
funds through their existing programs: Connecticut, Delaware, Idaho, Maryland,
and Pennsylvania. With todays launch, mortgage assistance is now available
for unemployed and underemployed homeowners in every state.
Contact information for participating agencies, the Pre-Applicant Screening
Worksheet and more information on the EHLP assistance and its eligibility
requirements can be found at www.FindEHLP.org or by calling toll free at
About the U.S. Department of Housing and Urban Development (HUD)
HUD's mission is to create strong, sustainable, inclusive communities and
quality affordable homes for all. HUD is working to strengthen the housing
market to bolster the economy and protect consumers; meet the need for quality
affordable rental homes: utilize housing as a platform for improving quality
of life; build inclusive and sustainable communities free from discrimination;
and transform the way HUD does business. More information about HUD and its
programs is available on the Internet at www.hud.gov and espanol.hud.gov.
About NeighborWorks America
NeighborWorks America creates opportunities for people to improve their lives
and strengthen their communities by providing access to homeownership and to
safe and affordable rental housing. Since 1991, we have assisted nearly 1.2
million low- to moderate-income families with their housing needs. Much of our
success is achieved through our support of the NeighborWorks network ― more
than 235 community development organizations working in more than 4,400 urban,
suburban and rural communities in all 50 states, the District of Columbia and
Puerto Rico. In the last five years, NeighborWorks organizations have
generated more than $15 billion in reinvestment in these communities.
NeighborWorks America is the nations leading trainer of community
development and affordable housing professionals.
(For more information or to schedule an interview please contact of Douglas
Robinson of NeighborWorks America at 202-220-2360 or email to