March 04, 2008
March 4, 2008
Grant provides much-needed boost to Michigan homeowners in danger of foreclosure
LANSING - Governor Jennifer M. Granholm today announced that the Michigan State Housing Development Authority (MSHDA) is slated to receive a $661,916 federal grant to support Michigan's foreclosure prevention counseling efforts. The funds will enable MSHDA counseling networks across the state to provide more foreclosure counseling than ever before to area homeowners in danger of foreclosure.
"We want to help citizens facing foreclosure, and this program will help provide relief and other workable options to citizens throughout the state who are facing the possibility of losing their homes," Granholm said. "This grant will allow us to advance our "Save the Dream" campaign, and this is great news for the people of Michigan."
Granholm added that when passed, pending legislation she proposed will allow MSHDA to actually refinance at-risk mortgages to those who qualify for MSHDA loans. In the past, the authority could finance only below-market interest rate mortgages for low to moderate income residents looking to purchase a home for the first time.
The grant to support MSHDA's foreclosure counseling intervention efforts is part of the National Foreclosure Mitigation Counseling Program. Approved by Congress in 2008, the program is administered through a competitive application process by NeighborWorks® America, an independent, congressionally-chartered, nonprofit organization that provides access to sustainable homeownership and safe, affordable rental housing.
"Citizens who are facing foreclosure now or are worried about that possibility should call our toll-free hotline or visit the Save the Dream Web site," Granholm said. "There are foreclosure prevention counselors available to help you."
For more information about MSHDA's foreclosure prevention efforts, please visit the Web site at www.michigan.gov/mshdaand click on "Save the Dream," or call toll-free 1-866-946-7432.
MSHDA is a quasi-state agency that provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, and address homeless issues. MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. For more information on MSHDA programs and initiatives, visit the Web site at www.michigan.gov/mshda.
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