The federal government announced that it is setting aside $3 billion to assist homeowners that are struggling to pay their mortgages. Unemployment has been one of the major factors that have contributed to the country's current housing crisis. The money will be split up between two foreclosure prevention programs, the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets and Emergency Homeowners Loan Program.
The Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets will receive $2 billion which will be funneled through the housing finance agencies in 17 of the states hit hardest by foreclosures. This program assists homeowners who cannot make their mortgage payments due to unemployment. The Housing and Urban Development (HUD) will receive $1 billion for the creation of the Emergency Homeowners Loan Program. This program will give financial assistance to homeowners at risk of foreclosure due to a medical condition, underemployment or involuntary unemployment.
Florida is eligible to receive up to $238,864,755 out of the $3 billion. Hopefully this will bring some much needed relief to homeowners in Florida struggling to pay their mortgages due to involuntary unemployment, underemployment, or a medical condition.
