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$73.8 million awarded to foreclosure mitigation programs

NeighborWorks America, an organization that works to create affordable communities, said $73.8 million in funds from the National Foreclosure Mitigation Counseling Program will be provided to organizations and housing finance agencies across the country.

The funds will be distributed to 32 state housing finance agencies, 18 Housing and Urban Development-approved housing counseling intermediaries and 86 community-based NeighborWorks organizations.

The National Foreclosure Mitigation Counseling Program launched in December 2007, using funds appropriated from Congress to inject cash into communities through organizations that provide counseling for families at-risk of foreclosure.

The most recent distribution of funds is the agency's sixth round of aid to local communities.

Because of the new awards, NeighborWorks, which works directly with the NFMC program, expects 1,300 nonprofit counseling agencies to benefit from the funding awards.

Since the launch of the funding program, more than 1.3 million families in U.S., Puerto Rico and Guam received foreclosure counseling through the initiative. 

kpanchuk@housingwire.com

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