PROVIDENCE, RI – U.S. Senator Jack Reed today announced that Rhode Island will receive an additional $629,160 in federal funding to continue providing housing counseling to struggling Rhode Islanders through NeighborWorks America’s National Foreclosure Mitigation Counseling (NFMC) program.  This funding is in addition to $703,000 in NeighborWorks grants that Rhode Island received in March, bringing the state’s total to over $1.3 million this year. 

NeighborWorks America is awarding $579,120 to Rhode Island Housing, $25,020 to the West Elmwood Housing Development Corporation, and $25,020 to ONE Neighborhood Builders in order to help stabilize neighborhoods hit hard by the foreclosure and economic crisis; provide counseling to homeowners facing foreclosure and potential mortgage modification; train foreclosure counselors; and assist with expenses related to implementing NFMC.

“I commend these organizations for providing free housing counseling to help Rhode Islanders keep their homes.  The loan modification process can be difficult to navigate, and these additional funds will help connect Rhode Islanders with the information, assistance, and guidance they need before time runs out.  We want to spread the word and let folks know that help is available,” said Reed, the Ranking Member of the Transportation, Housing and Urban Development, and Related Agencies (THUD) Appropriations Subcommittee.  Reed helped lead the effort to secure $175 million for NeighborWorks, including $40 million for NFMC, in the 2016 Omnibus Appropriations bill.

Homeowners seeking assistance with their mortgage payments may contactRhode Island Housing’s HelpCenter at: (401) 457-1130.  The HelpCenter is free and is an independent, HUD-approved counseling agency.  Homeowners may also visitwww.makinghomeaffordable.gov or call the national hotline at: 888-995-HOPE (4673) to apply for help.  Please note: there should never be a fee for assistance with or information about the Making Home Affordable Program.

NeighborWorks America, a public non-profit organization established by Congress in 1978, is a leader in community development and affordable housing.  According to NeighborWorks America, more than 2,000,000 homeowners facing foreclosure have received counseling thanks to NFMC.  The organization also notes that homeowners who work with NFMC counselors were nearly twice as likely to cure a serious delinquency or foreclosure, and nearly three times as likely to receive a modification cure.  NFMC-counseled homeowners who received a modification achieved an average reduction of nearly $5,000 a year.

SOURCE: SENATOR JACK REED

Erik Sandstrom
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