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The Obama Administration today announced two programs providing additional support to help homeowners who haven’t paid their mortgage. In one program funds will be provided for those who are delinquent by at least three months. So if you are delinquent by two months, forget about dropping a check in the mail. Sit back and wait, it’s possible you may have won the Obama lottery.
Under the first program announced today, states eligible to receive support have all experienced an unemployment rate at or above the national average over the past 12 months. Each state will use the funds for targeted unemployment programs that provide temporary assistance to eligible homeowners to help them pay their mortgage while they seek re-employment, additional employment or undertake job training.
States that have already benefited from previously announced assistance under the Hardest Hit Fund may use these additional resources to support the unemployment programs previously approved by Treasury or they may opt to implement a new unemployment program. States that do not currently have Hardest Hit Fund unemployment programs must submit proposals to Treasury by September 1, 2010 that, within established guidelines, meet the distinct needs of their state.
The states eligible to receive funds through this additional assistance, along with allocations based on their population sizes, are as follows:
Alabama $60,672,471 California $476,257,070 Florida $238,864,755 Georgia $126,650,987 Illinois $166,352,726 Indiana $82,762,859 Kentucky $55,588,050 Michigan $128,461,559 Mississippi $38,036,950 Nevada $34,056,581 New Jersey $112,200,638 North Carolina $120,874,221 Ohio $148,728,864 Oregon $49,294,215 Rhode Island $13,570,770 South Carolina $58,772,347 Tennessee $81,128,260 Washington, DC $7,726,678
August 13, 2010
