Ohio one of 5 states to get foreclosure prevention aid
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Ohio one of 5 states to get foreclosure prevention aid
State housing agencies in Ohio, North Carolina, South Carolina, Oregon and Rhode Island will be able to access money from a so-called "Hardest Hit Fund" for foreclosure mitigation, Reuters news service reports.
"Herb Allison, Treasury Assistant Secretary for Financial Stability, said each of those five states have had their proposals approved and are now eligible to begin receiving aid, though the funds will start flowing in the next several months, state by state," Reuters said.
The five states have counties where the unemployment rate exceeded 12 percent in 2009. The national rate of unemployment is expected to tick up to 9.6 percent when the Labor Department releases its monthly employment report on Friday.
Highland County's unemployment rate is among Ohio's highest, at 16 percent. In fact, Highland (16), Clinton (16.8), Adams (14.3) and Pike (14.5) are all among the highest unemployed counties in Ohio.
The Ohio Department of Job and Family Services recently announced that as many as 155,000 eligible unemployed workers in Ohio will again receive federal extended unemployment benefits, after President Obama signed legislation extending deadlines for the program from May 29 to Nov. 27.
The president announced a $1.5 billion "Hardest Hit Fund" in February for California, Nevada, Arizona, Florida and Michigan, where home price declines were most pronounced. Ohio was added to the list after pressure from lawmakers.
Ohio would allow unemployed workers to get mortgage payment assistance for longer than the three months allowed under the nationwide program.
Ohio will get up to $172 million for these purposes, Reuters said.
State housing agencies in Ohio, North Carolina, South Carolina, Oregon and Rhode Island will be able to access money from a so-called "Hardest Hit Fund" for foreclosure mitigation, Reuters news service reports.
"Herb Allison, Treasury Assistant Secretary for Financial Stability, said each of those five states have had their proposals approved and are now eligible to begin receiving aid, though the funds will start flowing in the next several months, state by state," Reuters said.
The five states have counties where the unemployment rate exceeded 12 percent in 2009. The national rate of unemployment is expected to tick up to 9.6 percent when the Labor Department releases its monthly employment report on Friday.
Highland County's unemployment rate is among Ohio's highest, at 16 percent. In fact, Highland (16), Clinton (16.8), Adams (14.3) and Pike (14.5) are all among the highest unemployed counties in Ohio.
The Ohio Department of Job and Family Services recently announced that as many as 155,000 eligible unemployed workers in Ohio will again receive federal extended unemployment benefits, after President Obama signed legislation extending deadlines for the program from May 29 to Nov. 27.
The president announced a $1.5 billion "Hardest Hit Fund" in February for California, Nevada, Arizona, Florida and Michigan, where home price declines were most pronounced. Ohio was added to the list after pressure from lawmakers.
Ohio would allow unemployed workers to get mortgage payment assistance for longer than the three months allowed under the nationwide program.
Ohio will get up to $172 million for these purposes, Reuters said.
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