BOISE, ID – November 10, 2011 – (RealEstateRama) — A total of 308 Idaho homeowners at risk of foreclosure will keep their homes thanks to Idaho Housing Finance Association (IHFA). As the administrator of the Emergency Homeowners’ Loan Program (EHLP) funds awarded to Idaho by the U.S. Department of Housing and Urban Development (HUD) last April, IHFA has successfully obligated 100 percent of the $13 million awarded.
Idaho was one of the few states sharing in the $1 billion federal foreclosure prevention program that was able to successfully obligate all the funds by Sept. 30, before the funding needed to be returned to the federal government. IHFA is currently working with approved homeowners and lenders to bring people current on their mortgages and continue their payments.
“We are happy to have helped hundreds of Idaho families remain in their homes and help stabilize communities,” said Gerald Hunter, IHFA president and executive director. “We are also proud of the program’s success in Idaho and the efforts our staff made to meet HUD requirements and deadlines and still obligate 100 percent of this funding across the state.”
The average EHLP loan for Idaho families who qualified for the program is $40,000; the number of EHLP loans allocated across the state is distributed as follows:
- Northern Panhandle: 46
- North Central Idaho: 8
- North East Idaho: 26
- Southwest Idaho: 188
- South Central Idaho: 21
- Southeast Idaho: 19
For borrowers who found themselves on the brink of foreclosure, this funding was critical in helping them keep their homes and provide stability.
“This is just the assistance I needed to stay in my home and be able to catch up financially,” said Richard Trotter of Kuna, one of the many homeowners who qualified for the program in the Treasure Valley. Once approved for the program, Trotter was brought current on his mortgage and his payments have been reduced for the next two years. “EHLP assistance came just in the nick of time,” he said. “I felt like I was getting a new life again.”
EHLP was a six-month federal program designed to help unemployed or underemployed families make their mortgage payments for up to 24 months by providing zero-interest loans of up to $50,000. The loans, which are forgivable over five years, provide emergency assistance to homeowners who faced foreclosure risk caused by job loss, underemployment, or a medical condition (resulting in at least 15% income loss). Based on need, the loans were granted on a first-come, first-serve basis through an application process.
Additionally, applicants had to meet the following criteria: Gross income must have been less than 120% of area median income (AMI) for the county in which they live; homeowner must have been in imminent danger of facing foreclosure; and homeowner must have shown that they had a reasonable likelihood of resuming their original mortgage payment upon successful re-employment.
IHFA continues to provide free housing counseling for all Idahoans, reviewing options to prevent foreclosure, including refinance options available for homeowners who are current on their mortgage payments. For more information, visit www.ihfa.org or call IHFA’s housing counseling service at 877-888-3135.
Idaho Housing and Finance Association, a financial services and housing business organization, improves lives and strengthens Idaho communities by expanding housing opportunities, building self sufficiency, and fostering economic development.
Contact:
Maria Ortega mariao (at) ihfa (dot) org
Public and Media Relations Officer
208-331-4858
Katrina Thompson katrinat (at) ihfa (dot) org
Marketing and Communications Manager
208-331-4738
