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205 East First Street, Dayton, OH 45402 • (937) 853-1600 • Contact Us
Ohio Launches $320M Foreclosure Prevention Effort
The Ohio Housing Finance Agency (OHFA) announced the launch of Restoring Stability: A Save the Dream Ohio Initiative (Ohio's Hardest-Hit Funds) on September 27, 2010. The HomeOwnership Center of Greater Dayton will serve as an entry point for homeowners to access the program.
Ohio received $320 million in federal assistance through the Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets. Restoring Stability aims to assist 26,000 homeowners who are dealing with a permanent or temporary loss of income avoid foreclosure. The initiative includes four different programs, giving homeowners the best solution for their unique needs.
Restoring Stability programs include:
- Rescue Payment Assistance: Provides a payment to a participating homeowner's mortgage servicer to help bring the homeowner current on his or her delinquent mortgage.
- Partial Mortgage Payment Assistance: Provides partial mortgage payments while unemployed homeowners search for a job or participate in job training.
- Modification Assistance with Principal Reduction: Provides a payment incentive to mortgage servicers to reduce a participating homeowner's mortgage principal to the level necessary to achieve a loan modification and affordable monthly mortgage payments.
- Transitional Assistance: Provides homeowners who cannot sustain homeownership with an alternative to foreclosure by offering an incentive to mortgage servicers to complete short sales and deed-in-lieu agreements. Transitional Assistance allow homeowners to exit their homes gracefully.
The HomeOwnership Center is helping homeowners to determine their eligibility for the program. Those interested in applying may contact the HomeOwnership Center:
- Through our website, which now offers an option to enter information easily and securely.
- By calling us directly at 937-853-1600.
- By sending an email to rss@hocgd.org.
Homeowners may also begin the application process at OHFA's website: www.savethedreamohio.gov. Applicants have the option to choose the HomeOwnership Center as their preferred agency at this site.