Tuesday, Nov 15 2011 4:25PM
The program lasted six months, and was designed to help unemployed or underemployed families which would otherwise have difficulty making their mortgage payments on time. Under the program, qualifying households can receive zero-interest loans worth up to $50,000. In Idaho, the average loan amount was $40,000.
The Idaho Housing Finance Association (IHFA) announced it obligated all $13 million in funds allocated by the U.S. Department of Housing and Urban Development (HUD) under the Emergency Homeowners' Loan Program (EHLP) by the September 30 deadline.
Other state agencies, that had difficulty meeting the housing assitance program's demands, must return funds not yet assigned to HUD under the terms of the EHLP participation. The funds are currently being used to assist approved homeowners and lenders to minimize mortgage default and keep payments current.
"We are happy to have helped hundreds of Idaho families remain in their homes and help stabilize communities," IHFA President and Executive Director Gerald Hunter said.
The program lasted six months, and was designed to help unemployed or underemployed families which would otherwise have difficulty making their mortgage payments on time. Under the program, qualifying households can receive zero-interest loans worth up to $50,000. In Idaho, the average loan amount was $40,000.
Specifically, households had to lose at least 15 percent of their income due to a medical condition, job loss or underemployment and be at imminent risk of foreclosure.
For further reference, check out this source:
Idaho Housing Finance Association