[r32] More assistance for “Hardest Hit” Hoosiers (4/18/2013 - 4/19/2013)

Thursday, April 18, 2013

Start Date: 4/18/2013 Start Time: 12:00 AM
End Date: 4/19/2013 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). 

“The jobless and foreclosure rates are too high in Indiana, and the additional federal funding for this program will help provide some relief for struggling homeowners,” said State Representative Kathy Kreag Richardson (R-Noblesville). “Job creation is the top priority for the Legislature as that is the true means for Hoosiers to achieve financial security and for Indiana to have a stronger economy.”

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.

“The effects from the recession are still being felt by some Hoosiers,” said State Representative P. Eric Turner (R-Cicero). “This fund is in place to help those in need get back on their feet. If you lose your job or a loved one who was providing for your family, it can be hard to maintain the same financial stability. This fund provides a cushion for Hoosiers to get their finances in order without losing their home.”

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.