Renewed Funding to aid Thousands of Struggling Families
North Carolina has good news for housing affordability advocates. In late April 2016, the US Treasury's Hardest Hit Fund® awarded $224 Million to the Foreclosure Prevention Fund. Since 2010, the NC Housing Finance Agency (NCHFA) has administered the Foreclosure Prevention Fund, which has aided over 22,000 financially impacted homeowners.
"This additional funding from the US Department of the Treasury is a testament to just how successful this program has been in the state," said NCHFA Executive Director Robert Kucab. With this infusion, the Foreclosure Fund will expand its scope to inlcude outreach to veterans returning to North Carolina from deployments.
To qualify for assistance from the fund, North Carolinians must have a history of making timely mortgage payment prior to their financial hardship. Those who have lost jobs through no fault of their own or who have fallen behind on payments due to divorce, illness, or other temporary hardship may apply for assistance. Those who are out of work must actively search for employment or complete job training in a new field.
The fund provides mortgage assistance as a zero-interest, deferred loan of up to $36,000 or 36 months of mortgage-related payments. Those interested in the Foreclosure Prevention Fund should call 1-888-623-8631, or visit www.NCForeclosurePrevention.gov.