STATEHOUSE – Lt. Gov. Sue Ellspermann held a press conference Thursday with State Representative Steve Davisson (R-Salem) regarding the expansion of Indiana’s Hardest Hit Fund. The U.S. Department of the Treasury identified Indiana as one of 18 states plus the District of Columbia, that had been most affected by the downturn of the economy. Indiana was awarded more than $221 million to help struggling Hoosier families pay their mortgages through the Indiana Housing and Community Development Authority (IHCDA).
“The high rates of unemployment and foreclosure rates throughout Indiana are cause for concern as we emerge from this economic decline,” said Rep. Davisson. “The program expansion presented by the IHCDA will help Hoosiers get back on their feet.”
The U.S. Department of the Treasury recently approved Indiana’s Hardest Hit Fund changes, which has broadened borrower eligibility to include:
- An increase in the maximum amount of assistance per household from $18,000 to $30,000 for all types of assistance except Transition Assistance.
- An increase in the maximum duration of assistance from eighteen months to twenty-four months.
- An expansion of the qualification requirements if there have been the following hardships: involuntary and substantial reduction in employment income; a substantial reduction in household income due to the death of a household member; significant expenses related to non-elective medical procedures or emergencies; or military service.
- Available transition assistance for eligible homeowners with unaffordable mortgage payments who obtain a short sale or deed-in-lieu of foreclosure from their lender or servicer and leave their home in a saleable condition.
- An extension of the timeline for applicants seeking unemployment benefits through the Unemployment Bridge Program on or after January 1, 2009.
- A financial literacy education course for monthly assistance recipients and that they engage in approved training, education or structured volunteer work.
With these program updates, the IHCDA estimates that approximately 10,000 Indiana households will receive assistance over the life of Indiana’s Hardest Hit program.
“Our homes are among our most cherished assets, in which we build a family and create memories,” said Rep. Davisson. “We want to do what we can to ensure that our Hoosiers can make the necessary payments to maintain ownership of their homes.”
The IHCDA worked with the Lieutenant Governor, the Indiana Department of Workforce Development and the Indiana Foreclosure Prevention Network partners to develop a comprehensive strategy to provide Hardest Hit Fund assistance to low-to-moderate-income homeowners whose primary residence is located within any of the 92 counties in Indiana.
If you or someone you know is struggling with mortgage payments and are at-risk of foreclosure, please visit www.877GetHope.org or call 1-877-GET-HOPE – that’s 1-877-438-4673.