COLUMBUS, OH – September 27, 2010 – (RealEstateRama) — The Ohio Housing Finance Agency (OHFA) announced the launch of Restoring Stability: A Save the Dream Ohio Initiative (Ohio’s Hardest-Hit Funds) at a press briefing held today at the Vern Riffe Center in Columbus. Kimberly A. Zurz, Director of the Ohio Department of Commerce and OHFA Board Chairperson, along with Douglas A. Garver, OHFA Executive Director, led the event detailing each of the programs.
“Helping families fight foreclosure is a critical part of our plan to strengthen Ohio’s communities and our economy,” Governor Ted Strickland said. “Together, we have designed programs that will help thousands of Ohioans stay in their homes while adding stability to the housing market.”
Ohio received $320 million in federal assistance through the Housing Finance Agency (HFA) Innovation Fund for the Hardest-Hit Housing Markets. Restoring Stability was designed to assist homeowners with financial hardships who have previously been unable to qualify for existing loan modification and foreclosure prevention programs. OHFA worked with Governor Strickland’s Office, the Ohio Department of Commerce and Save the Dream Ohio partners to create a comprehensive statewide funding proposal focused on housing issues including unemployment, principal and second lien reductions, short sales and mortgage loan modifications.
“This expansion of the Save the Dream Ohio statewide initiative will provide additional assistance to Ohio homeowners who are struggling to make their mortgage payments due to a financial hardship,” Zurz said. “Worrying about payments can quickly turn into worrying about losing their home. We want to help as many Ohioans stay in their homes as possible.”
Restoring Stability’s (Ohio’s Hardest-Hit Fund) proposal was approved by the U.S. Department of Treasury and includes four program options for homeowners including: Partial Mortgage Payment Assistance, Rescue Payment Assistance, Modification Assistance with Principal Reduction and Transitional Assistance.
“Approximately 26,000 homeowners will benefit from this federal funding and the dedication of OHFA’s staff and partners,” Garver said. “I am tremendously proud of our work and contributions to this exciting initiative.”
OHFA encourages struggling homeowners to visit www.savethedream.ohio.gov where they can submit an application and expedite the registration process. For homeowners who do not have internet access, they may contact Save the Dream Ohio through our toll free hotline at 1-888-404-4674, or visit one of our 35 participating U.S. Housing and Urban Development (HUD) approved Housing Counseling Agencies. A list of participating housing counseling agencies is available on our website at www.ohiohome.org.
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About Save the Dream Ohio
Ohio Governor Ted Strickland created Save the Dream Ohio in March 2008 to provide information and make assistance available to renters and homeowners facing foreclosure.
About the Ohio Housing Finance Agency
OHFA is a self-supporting quasi-public agency governed by an eleven-member board. The Agency uses federal and state resources to provide housing opportunities for families and individuals through programs designed to develop, preserve and sustain affordable housing throughout the State of Ohio. OHFA is also an active partner in the interagency team which coordinates the Save the Dream Ohio initiative designed to stop preventable foreclosures.
