Rhode Island to Get $9.68 Million More From Hardest Hit Fund to Stave Off Foreclosures
February 19, 2016
Rhode Island was among the top 10 states with the highest percentage of loans in foreclosure, according to a delinquency survey for the third quarter of 2015.
PROVIDENCE, R.I. — U.S. Sen. Jack Reed’s office on Friday announced that Rhode Island will get an additional $9.68 million in foreclosure prevention funding from the U.S. Treasury Department’s Hardest Hit Fund.
In addition, “Rhode Island will have an opportunity to apply for approximately $39 million in additional Hardest Hit Fund resources if the state demonstrates need and the ability to quickly deploy these funds effectively,” the announcement added.
Reed is a senior member of the Senate Banking Committee, which oversees federal housing policy, and he is the Ranking Member of the Appropriations Subcommittee that oversees the funding for federal housing programs.
First announced in February 2010, the Hardest Hit program provided federal funding to the 18 states most affected by home foreclosures.
Reed’s announcement added that Rhode Island was among the top 10 states with the highest percentage of loans in foreclosure, according to the Mortgage Bankers Association National Delinquency Survey for the third quarter of 2015. Also, “Rhode Island’s percentage of loans in foreclosure is more than 36 percent higher than the national average, and its serious delinquency rate is more than 38 percent above the national average.”
Before this latest award, Rhode Island had received $79 million in Hardest Hit funds to help prevent foreclosures and stabilize the housing market, according to Reed’s office.
At one point, the state Hardest Hit program stopped accepting applications due to insufficient funding, but the Consolidated Appropriations Act of 2016 made another $2 billion in Hardest Hit assistance available.
Source: Providence Journal