Thursday, Jul 7 2011 3:23PM
Housing counseling agencies will be able to expand foreclosure counseling services to California homeowners at risk.
Rural Community Assistance Corporation, in partnership with the California Housing Finance Agency (
CalHFA) and other homeowner counseling groups sponsored by the
U.S. Department of Housing and Urban Development, has received $3.18 million from the National Foreclosure Mitigation Counseling (NFMC) program.
The grant money will be used to help homeowners in California struggling to stay current on their mortgages. Counseling will be provided for homeowners who have defaulted on their mortgages or are in danger of doing so.
"
CalHFA remains focused on supporting California families who are struggling to hold on to their homes. In partnership with community organizations, we have assisted more than 61,000 families so far and we appreciate the opportunity to continue this critical counseling program," said Claudia
Cappio, the agency's executive director.
NMFC grant recipients are evaluated through a competitive application process by
NeighborWorks America. This is the fourth grant
CalHFA has received since 2008.
Foreclosures have been a considerable issue for many California homeowners since the housing crisis began. Statistics from LPS Applied Analytics shows it would take three years at the current rate of sales for the current glut of distressed properties in the state to be cleared.