[r23] More assistance for "Hardest Hit" Hoosiers (4/18/2013)

Thursday, April 18, 2013 7:00 pm

Start Date:  4/18/2013  Start Time:  12:00 AM
End Date:  4/18/2013  End Time:  11:59 PM
More assistance for “Hardest Hit” Hoosiers

STATEHOUSE – Lt. Gov. Sue Ellspermann held a press conference yesterday announcing the expansion of Indiana’s Hardest Hit Fund. The U.S. Department of the Treasury identified Indiana as one of 18 states plus the District of Columbia, that had been most affected by the downturn of the economy. Indiana was awarded more than $221 million to help struggling Hoosier families pay their mortgages through the Indiana Housing and Community Development Authority (IHCDA). 

“Hoosiers are still feeling the effects from the recession as has been the case with the increase in foreclosure rates in our communities,” said State Representative Bill Friend (R-Macy). “This fund is in place to help those in need get back on their feet. It can be very difficult to maintain the same financial stability following the loss of a loved one who was providing for the family. The additional federal dollars being allocated to the Hardest Hit Fund will help more Hoosiers keep their home and shore up their finances.”

The U.S. Department of the Treasury recently approved Indiana’s Hardest Hit Fund changes, which has broadened borrower eligibility to include:
  1. An increase in the maximum amount of assistance per household from $18,000 to $30,000 for all types of assistance except Transition Assistance.
  2. An increase in the maximum duration of assistance from eighteen months to twenty-four months.
  3. An expansion of the qualification requirements if there have been the following hardships: involuntary and substantial reduction in employment income; a substantial reduction in household income due to the death of a household member; significant expenses related to non-elective medical procedures or emergencies; or military service.
  4. Available transition assistance for eligible homeowners with unaffordable mortgage payments who obtain a short sale or deed-in-lieu of foreclosure from their lender or servicer and leave their home in a saleable condition.
  5. An extension of the timeline for applicants seeking unemployment benefits through the Unemployment Bridge Program on or after January 1, 2009.
  6. A financial literacy education course for monthly assistance recipients and that they engage in approved training, education or structured volunteer work. 
With these program updates, the IHCDA estimates that approximately 10,000 Indiana households will receive assistance over the life of Indiana’s Hardest Hit program.

“Struggling homeowners will find some relief in the expansion of this program,” said Rep. Friend. “I firmly believe that Indiana is a place of great opportunity, but when times are tough, this program helps people in their time of need. My top priority remains job creation and providing Hoosiers with the tools to realize their greatest potential. That is how Indiana will continue to move forward and overcome economic obstacles.”

The IHCDA worked with the Lieutenant Governor, the Indiana Department of Workforce Development and the Indiana Foreclosure Prevention Network partners to develop a comprehensive strategy to provide Hardest Hit Fund assistance to low-to-moderate-income homeowners whose primary residence is located within any of the 92 counties in Indiana.

If you or someone you know is struggling with mortgage payments and are at-risk of foreclosure, please visit www.877GetHope.org or call 1-877-GET-HOPE – that’s 1-877-438-4673.

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