[R89] More assistance for "Hardest Hit" Hoosiers (4/17/2013)

Wednesday, April 17, 2013 7:00 pm

Start Date:  4/17/2013  Start Time:  12:00 PM
End Date:  4/17/2013  End Time:  12:00 PM

More assistance for “Hardest Hit” Hoosiers

STATEHOUSE – Lt. Gov. Sue Ellspermann held a press conference today with State Representative Cindy Kirchhofer (R-Indianapolis) 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. 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’ resolve throughout the recession was inspiring as necessary belt tightening enabled families and communities to weather the storm. Marion County is still feeling the aftershocks however as jobless rates and foreclosure rates hamper growth,” said Rep. Kirchhofer. “This program will provide additional relief to those who need it most to overcome this rough patch.”

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.

“This fund provides necessary assistance and will help many in our community get back on their feet. I hope this is a tool Hoosiers can use to help change their circumstances,” said Rep. Kirchhofer

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.