FRANKFORT, KY – August 11, 2010 – (RealEstateRama) — Gov. Steve Beshear, along with Kentucky Housing Corporation (KHC) Chief Executive Officer Richard L. McQuady, today announced that Kentucky will share $2 billion in federal assistance to help unemployed and underemployed homeowners pay their mortgages as they seek work, along with 16 other states and the District of Columbia. Kentucky is eligible for this assistance as a result of having sustained unemployment rates at or above the national average during the last 12 months.
“Helping Kentucky families stay in their homes during these tough times is critical to getting us through this crisis,” said Gov. Beshear. “These funds will help active job seekers bridge the gap for a few months with their mortgage payments while they seek employment.”
Geared to serve low-to-moderate-income households, this loan program is funded through Troubled Asset Relief Program (TARP) funds dedicated to the expansion of the Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets (the Hardest-Hit Fund).
Details on how to access the funds will be made available in the coming weeks by the Kentucky Housing Corporation. “Once this program is finalized and funds are available, this will provide some relief to Kentuckians who are at risk of losing their homes because they lost their job,” said McQuady.
Until these funds are made available, Kentucky individuals and families who are facing foreclosure or near facing foreclosure can seek free help through the Kentucky Homeownership Protection Center (Protection Center). At the Protection Center, homeowners can find information on public services and information on the foreclosure process, utility assistance and home repair assistance to make smart choices and avoid losing their homes. If homeowners are delinquent on their home loan, in danger of becoming delinquent, or are just starting to have financial problems that may affect their ability to pay their mortgage, they should contact the Protection Center immediately by calling toll-free in Kentucky at (866) 830-7868 or by visiting www.ProtectMyKYHome.org. Financial counselors, attorneys and public assistance agencies are available to help homeowners understand their options.