[r82] More assistance for “Hardest Hit” Hoosiers (4/18/2013)

Thursday, April 18, 2013

Start Date: 4/18/2013 All Day
End Date: 4/18/2013

STATEHOUSE – Lt. Gov. Sue Ellspermann held a press conference yesterday regarding 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. State Representative David Ober (R-Albion) is pleased that Indiana was awarded more than $221 million to help struggling Hoosier families pay their mortgages through the Indiana Housing and Community Development Authority (IHCDA).

“Homes provide a sense of security for us, serving as a place to grow a family and share memories, and due to the effects of economic downturn, financial strain can affect a homeowner’s mortgage payment,” said Rep. Ober. “The Hardest Hit Fund, which aims to provide mortgage relief for those facing foreclosure, has already benefited 119 families in Allen County alone, and this expansion will provide additional relief for more Hoosier homeowners that need a little help to save their home.”

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.

“We understand that circumstances beyond our control, like the loss of a job due to the recession, can directly affect a homeowner’s ability to pay their mortgage,” said Rep. Ober. “I am pleased that Indiana is taking additional measures to prevent Hoosiers from foreclosing and providing assistance for them until they can re-establish themselves financially.”

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.


Rep. Ober More assistance for “Hardest Hit” Hoosiers.docx