“Many Hoosiers are still recovering from the economic downturn, and I commend Lt. Gov. Ellspermann for leading this effort to aid families continuing to experience fiscal difficulty,” said Rep. Davis. “In February, Randolph County had an unemployment rate of 11 percent, which is much higher than the national average. I’m encouraged by the tools that this program provides to our community members and I hope that individuals take advantage of this opportunity.” 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. “As a father, I cannot imagine a situation in which I would not be able to provide for my family,” said Rep. Davis. “A home gives you a sense of security, family and comfort. I am hopeful that this program will help thousands of Hoosier families get back on their feet and in a stable financial situation.” 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. -30- |
