Funds to Help Homeowners at Risk of Losing Homes
WASHINGTON, DC – October 21, 2009 – (RealEstateRama) — U.S. Rep. Bill Delahunt today announced the award of $115,823 in Department of Housing and Urban Development (HUD) grants to Quincy Community Action Programs (QCAP) and the Plymouth Redevelopment Authority.
“With an economy still in recession and new foreclosure filings occurring at an unprecedented rate, it is vital that we take every step possible to help people stay in their homes,” Rep. Delahunt said. “I am pleased that these HUD funds will be put to use by local housing organizations that are working hard to help homeowners on the South Shore deal with this crisis.”
As part of the grant award, Quincy Community Action Programs (QCAP) will receive $57,103 and the Plymouth Redevelopment Authority $58,720 under HUD’s Housing Counseling Program.
QCAP Executive Director Beth Ann Strollo said, “We are grateful for HUD’s award. This is a critical resource and will allow us to continue our work to help homeowners facing foreclosure. The demand for help continues to escalate – our caseload has increased by 500% since 2007. We helped 168 homeowners facing foreclosure and 122 senior citizens convert their home equity this past year thanks to HUD’s grant. Congressman Delahunt’s and HUD’s support for this work will help many homeowners who would otherwise have nowhere to go.”
“The Plymouth Redevelopment Authority is pleased to continue providing HUD Housing Counseling Services to South Shore households in need,” added Laura Schaefer, the Executive Director of the Plymouth Redevelopment Authority. “The Authority has been focusing its counseling on the much needed services of foreclosure prevention and reverse equity mortgage counseling, where households are most at risk of adverse financial outcomes. The HUD grant is essential to educate, support and protect at risk households
HUD’s Housing Counseling program is designed to expand homeownership opportunities and improve access to affordable housing. Counselors at human service agencies like QCAP and the Plymouth Redevelopment Authority help families and individuals seeking to improve their housing conditions by providing guidance on several housing pitfalls, including how to avoid unreasonably high interest rates, inflated appraisals and unaffordable repayment terms. This in turn will allow homebuyers to avoid increased debt, lost equity, default and foreclosure.
Contact:
Mark Forest/Rory Sheehan – 202-225-3111
