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HEMAP CAPTURES HIGH MARKS IN TRF STUDY

Submitted by Garrett ODwyer on Thu, 02/09/2012 - 15:55

From 2008 to 2010, Pennsylvania's recently closed Homeowner's Emergency Mortgage Assistance Program (HEMAP) saved more than 6,100 Pennsylvania homeowners from foreclosure and had a total estimated impact of $480 million, according to a newly released report, the Reinvestment Fund’s (TRF) Research Brief: What if Pennsylvania Had Not Had HEMAP?  Were it not for HEMAP, Pennsylvania’s foreclosure rate would have been higher and its rank among states several rungs worse. Over this period, the number of homes saved from foreclosure by HEMAP amounted to between 4.6 percent and 5.1 percent of the total inventory of homes in foreclosure.   See the complete report at http://www.trfund.com/resource/downloads/policypubs/HEMAPsummary.pdf.

 

PACDC Fact

  • PACDC’s activities have culminated in more than $140 million in new resources for affordable housing and neighborhood economic development efforts.

  • The Philadelphia Housing Trust Fund has raised more than $67 million in revenue since September 2005 to expand housing opportunities for Philadelphia families.

  • The CDC Tax Credit Program has fostered 30 partnerships between businesses and CDCs that is providing $30 million in new funding to support neighborhood economic development.

  • PACDC’s Member Services programming builds the capacity of CDCs through technical assistance and training, the sharing of ideas, best practices, and promotion of the local CDC industry.

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