U.S. Treasury Department Grant To Help Stop Foreclosures

Photo: Kevin Anderson (Flickr)

A federal grant aims to help unemployed homeowners pay their mortgages.

A grant from the U.S. Department of Treasury could help as many as $13,000 unemployed Indiana homeowners pay their monthly mortgage. The Treasury Department awarded the $221 million grant to the Indiana Foreclosure Prevention Network to help keep foreclosure rates in the state down.

The IFPN says low income homeowners facing foreclosure are eligible for up to eighteen thousand dollars each. The Indiana Housing Community and Development Authority oversees the program, and Director of Asset Preservation Stephanie Reeve says the federal funding is directed to individuals, but the amount is based on county unemployment rates.

“If you are eligible for unemployment insurance benefits, and there are underwriting criteria such as income limits and that you actually resided in the home in Indiana, we will, depending on your county, either assist you with $12,000 or $18,000 towards your mortgage payment,” she says.”

Reeve says her organization hopes the program will help grant recipients make their monthly budgets while still looking for work.

“If you are receiving monthly assistant through this program we do ask that during the course of this assistance, which on average lasts between year and sixteen months, you either volunteer in community for 40 hours a month, or go through training or education while you are receiving this assistance, and obviously looking for full-time employment.”

The IFPN estimates that more 13,000 Indiana homeowners will be assisted by the program. Applications may be submitted to the IFPN here.