FOR IMMEDIATE RELEASE
Monday, September 26, 2016
Media Contact: Molly Moses
OHFA Re-Opening Save the Dream Ohio, Allocating $25 Million to Ohio Homeowners Who Are Struggling to Pay Their Mortgage Due to Unemployment
COLUMBUS – The Ohio Housing Finance Agency (OHFA) has begun accepting applications from homeowners who have suffered a hardship resulting from unemployment for its Save the Dream Ohio program. The program is administered by OHFA and funded by the U.S. Department of the Treasury's Hardest Hit Fund. Save the Dream Ohio works with approved housing counseling agencies to help homeowners avoid foreclosure by reinstating the homeowner's mortgage and providing up to nine months of ongoing mortgage payments. The amount of assistance can be up to $35,000.
"By reopening this program, OHFA will assist qualified homeowners who were eligible for unemployment benefits on or after January 1, 2014, and have had difficulties making their mortgage payment," said OHFA Executive Director Doug Garver. "With the $25 million that has been allocated to the Save the Dream Ohio program, OHFA will be able to assist approximately 2,000 additional homeowners to bring their mortgages current and remain in their homes."
During the first phase of the program which opened in 2010, more than 24,000 Ohio families were able to avoid foreclosure as a result of their participation. Of these families, over 98 percent remain in their homes today.
"Since the program's inception, OHFA and its partners have worked with Treasury to address the state's evolving needs and keep Ohio families in their homes," said Save the Dream Ohio Operations Manager Holly Swisher. "We look forward to continuing to make a swift and progressive impact on Ohio's communities."
Homeowners facing default or foreclosure are encouraged to visit www.savethedream.ohio.gov to learn more about the program. There they answer a few simple questions to determine eligibility and access a list of approved housing counseling agencies. Individuals can also apply by calling the toll-free Save the Dream Ohio hotline at 888-404-4674.
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About the Ohio Housing Finance Agency
OHFA is a self-supporting quasi-public agency governed by an 11 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 the administrator of the state's foreclosure prevention program, Save the Dream Ohio.