PACDC’s activities have culminated in $180 million to date in new resources for affordable housing and neighborhood economic development.
EHLP Funds Released; PHFA Accepts Applications
The U.S. Department of Housing and Urban Development (HUD) has approved the State of Pennsylvania’s bid to administer HUD’s Emergency Homeowner Loan Program (EHLP), a bridge loan program designed to help unemployed families pay their mortgages. HUD determined Pennsylvania’s Housing Finance Agency’s mortgage bridge loan program is “substantially similar” to HUD’s program, thereby allowing the State to begin implementing the program itself.
Late last year, HUD awarded $105 million to the State of Pennsylvania, to provide emergency assistance to homeowners at risk of foreclosure due to a substantial reduction in income brought on by layoff, underemployment, or a medical condition. Pennsylvania began accepting applications from distressed homeowners in April.
HUD’s Emergency Home Loan Program will work through a variety of state and non-profit entities and will offer a declining balance, deferred payment “bridge loan” (zero percent interest, non-recourse, subordinate loan) for up to $50,000 to assist eligible borrowers with payments on their mortgage principal, interest, mortgage insurance, taxes and hazard insurance for up to 24 months.
Under the program, eligible borrowers must:
1. Be at least three months delinquent in their payments and have a reasonable likelihood of being able to resume repayment of their mortgage payments and related housing expenses within two years;
2. Have a mortgage property that is the principal residence of the borrower, and eligible borrowers may not own a second home; and
3. Demonstrate a good payment record prior to the event that produced the reduction of income.
Additional details, including full eligibility requirements and a program application, are available by calling PHFA at 800.342.2397. More information is also posted on the Agency’s web site at www.phfa.org/consumers/homeowners/ehlp.aspx
EHLP was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The law authorized HUD’s Secretary to allow funds to be administered by states that have an existing program that provides substantially similar assistance to homeowners.
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The Philadelphia Housing Trust Fund has raised nearly $80 million since September 2005 to expand housing opportunities for more than 6,000 Philadelphia families.
The CDC Tax Credit Program has fostered 35 partnerships between businesses and non-profits that is providing $60 million in new funding for CDC neighborhood economic development.
PACDC’s Member Services programming builds capacity of CDCs through technical assistance and training, sharing of best practices, networking, and promotion of the local CDC industry.
The local CDC industry generated $3.3 billion in economic impact in Philadelphia during the past 20 years.
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