The Ohio Housing Finance Agency (OHFA) will receive $1.3m for foreclosure prevention counseling efforts in the state. The National Foreclosure Mitigation Counseling Program (NFMC) provided the grant. Initial funding came from legislation in Congress. Neighborworks America, an independent and Congressionally chartered non-profit organization administers the NFMC. NeighborWorks received requests for more than $195m in grants. Funding to the OHFA will help provide foreclosure counseling to homeowners on the verge of losing their home. “It is unrealistic to think homeowners can climb out of the foreclosure crisis that plagues this nation without professional help,” said Doug Garver, OHFA executive director. “Housing counseling and education are vital to prevent future foreclosures in Ohio.” Although Ohio missed out on the first $1.5bn wave of Hardest Hit Funds from the Treasury Department, it did receive $172m in the second round of funding. The money will go toward developing programs to assist borrowers who have lost jobs and possibly write-down principal on modifications. Garver said the grant from the NFMC will provide counseling services for roughly 2,500 Ohio borrowers who are struggling to make their monthly mortgage payment. Write to Jon Prior.

About the Author

Most Popular Articles

Housing market flashing recession signal

The housing market is signaling there will be an economic recession by the 2020 election, according to Benn Steil, director of international economics at the Council on Foreign Relations.

Oct 11, 2019 By

Latest Articles

U.S. homebuilder confidence rises to a 20-month high

Low interest rates and a strong job market propelled homebuilder confidence to 71 points in October, the highest reading since February 2018, the National Association of Home Builders and Wells Fargo said in this month’s Housing Market Index. Greg Ugalde, NAHB’s chairman, said a reduction in new-home inventory is helping to support the market.

Oct 16, 2019 By