HUD Announces Outline of Emergency Homeowner Loan Program

According to the National Association of Realtors®, the Department of Housing and Urban Development on October 7 announced its plans for implementing the Emergency Homeowner Loan Program, a $1 billion loan fund authorized under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The loans will assist homeowners at or below 120% of an area's median income and whose income is at least 15% less than it was prior to be laid off from previous employment. Loans may be used to pay up to 24 months of mortgage payments, including arrearages and delinquent taxes and insurance. Repayment will be over five years with no interest.

The program will be offered in Puerto Rico and the 32 states not assisted under Treasury's Innovative Program for Hardest Hit Foreclosure States. Program administration and outreach will be delegated to NeighborWorks America. HUD hopes that applications will be available by the end of the year.
  • October 20 2010 - US
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