The Los Angeles County Division of Client and Enterprise Affairs is making ready to launch the L.A. County Mortgage Reduction Program, a partnership with Neighborhood Housing Providers of L.A. County and native HUD-approved housing counseling businesses.
The $5.5 million initiative developed by the Los Angeles County Board of Supervisors will assist property homeowners who’ve been adversely affected by the COVID-19 pandemic.
“Like many others, property homeowners have been struggling by no fault of their very own,” stated Supervisor Janice Hahn. “We designed the Mortgage Reduction Program to ship urgently wanted financial reduction and counseling companies to extra property homeowners throughout Los Angeles County.”
“We perceive that property homeowners have confronted distinctive challenges throughout this ongoing pandemic,” stated DCBA Director Rafael Carbajal. “We’re excited concerning the enlargement of our already strong foreclosures prevention program and to work alongside trusted neighborhood companions to assist present help to property homeowners in want.”
The Mortgage Reduction Program will embrace a reduction fund that gives grants of as much as $20,000 for certified property homeowners, plus expanded foreclosures prevention counseling companies.
This system is structured to learn single-family owners and property homeowners with 4 or fewer items dwelling in communities extremely impacted by COVID-19. This consists of low- and moderate-income communities and those that have suffered a better share of great well being impacts in the course of the ongoing COVID-19 pandemic. Properties have to be owner-occupied.
NHS will administer the reduction fund and deploy funds to certified candidates from a various set of cities and unincorporated areas all through Los Angeles County, excluding the Metropolis of Los Angeles. DCBA and NHS-LA have decided qualification necessities for candidates. Reduction funds shall be paid on to lenders and servicers.
“NHS and our associate businesses are joyful to have the ability to facilitate a fund that’s centered on owners. We hope property homeowners will make the most of the free foreclosures prevention counseling companies as effectively. We’re right here to assist,” stated Lori Homosexual, president and CEO of NHS.
Free foreclosures prevention counseling shall be offered by nonprofit HUD-approved counseling businesses to property homeowners in a number of languages.
Beginning Monday, April 12, property homeowners can apply for the Mortgage Reduction Program by calling 888-895-2647 or visiting nhslacounty.org/mortgagereliefprogram.
To search out extra methods how L.A. County will help property homeowners, go to DCBA’s foreclosures prevention web site at dcba.lacounty.gov/foreclosure-prevention.