NeighborWorks America, a nonprofit that focuses on homeownership and aiding distressed borrowers, awarded state housing finance agencies and counseling organizations $70.1 million in funding, enough to aid roughly 193,000 troubled homeowners.
The grants will assist 30 state housing finance agencies, 17 HUD-approved counseling firms and 72 community-based NeighborWorks groups.
The nonprofit is up to its seventh round of funding through the National Foreclosure Mitigation Counseling Program. Organizations will be able to put the funds to immediate use.
The program remains popular among counseling agencies and foreclosure prevention groups.
Last year, when HousingWire reported on the same initiative, it was one of the most read stories online in 2012. At that time, NeighborWorks announced $73.8 million in funding via the NFMC program.
"When foreclosure is likely to affect more than one million people this year, the need for the NFMC funding is critical. Demand for NFMC grant funds remains high, with eligible applicants requesting more than $105 million in NFMC grant funds," the organization said in a press statement.
Overall, 1,200 nonprofit counseling agencies and local NeighborWorks groups will be part of the NFMC program, allowing them to benefit from the funds.
The groups receiving funds offer assistance to families going through foreclosure and help homeowners locate applicable foreclosure prevention assistance programs.
Through the NFMC Program, more than 1.56 million families across the U.S. have received foreclosure prevention counseling, and it’s estimated 193,000 households facing foreclosure will be aided by the seventh round of funding.
NeighborWorks also is using the funds to train another 2,000 counselors.
Organizers remain committed to foreclosure prevention counseling after research showed a 33% decline in serious mortgage delinquencies among homeowners who received pre-purchase guidance from NeighborWorks groups.