|FOR IMMEDIATE RELEASE
Thursday, December 13, 2012
|Media Contact: Arlyne Alston
State of Ohio's Foreclosure Prevention Program Reaches Milestone With $100 Million Disbursed to Ohio Homeowners
COLUMBUS – The Ohio Housing Finance Agency (OHFA) announced that it has distributed $100 million in funding to Ohio homeowners through the state of Ohio's foreclosure prevention program. Through its disbursement of funds, Save the Dream Ohio has assisted more than 8,500 Ohio homeowners facing default or foreclosure on their homes.
"Today OHFA proudly celebrates this significant milestone in our quest to help struggling Ohioans keep their homes," said OHFA Executive Director Doug Garver. "I'm extremely proud of the Agency's tireless efforts to disburse the funding allocated from U.S. Treasury's Hardest Hit Fund (HHF). OHFA's work has made Ohio a leader among the 18 states participating in the federal program in terms of the funds distributed."
The program was created to assist Ohio homeowners with financial hardships such as unemployment, reduced wages, increased medical expenses or divorce. Of the 8,547 homeowners who have received assistance through Save the Dream Ohio, 66 percent are currently unemployed and unable to qualify for most loan modification and foreclosure prevention programs.
Save the Dream Ohio prevents foreclosures by providing financial assistance to help homeowners make their monthly mortgage payments, become current on their mortgage payments, modify their existing loans, eliminate a lien, or gracefully exit their home and avoid foreclosure.
For more information on the program, visit the Save the Dream Ohio website at www.savethedream.ohio.gov or call the toll-free 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 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 the administrator of the state's foreclosure prevention program, Restoring Stability: A Save the Dream Ohio Initiative.