|FOR IMMEDIATE RELEASE
Thursday, February 27, 2014
|Media Contact: Arlyne Alston
OHFA Anticipates Completion of the State's Foreclosure Prevention Program
$101 Million Still Available to Assist Struggling Ohio Homeowners
COLUMBUS – With 80 percent of its allocated funds distributed on behalf of 16,560 Ohio homeowners facing foreclosure, the Ohio Housing Finance Agency (OHFA) today announced plans to bring its Save the Dream Ohio effort to a close during the next year and a half.
Save the Dream Ohio was funded with $570.4 million through the U.S. Department of the Treasury's Hardest Hit Fund. Since the program's inception in 2010, Ohio has served as a leader among the 18 states and the District of Columbia who received a portion of the funds.
"Throughout the last four years, OHFA and its partners have worked with Treasury to implement and modify the Save the Dream Ohio program to address the state's evolving needs and keep Ohio families in their homes," said OHFA Executive Director Doug Garver. "Thanks to the outstanding efforts of housing counseling agencies across the state as well as more than 400 mortgage servicers, this program has made a swift and progressive impact on Ohio's communities."
In addition to the $226 million OHFA distributed, the Agency also committed $75 million to assist Ohio families with ongoing mortgage assistance. With approximately $101 million remaining, the Agency estimates that the program can assist an additional 6,400 homeowners. Based on these projections, OHFA will no longer accept registrations after April 30. OHFA will continue to process completed registrations until July 31. The Agency expects to close all remaining applications in 2015, more than two years ahead of the U.S. Department of the Treasury's 2017 program deadline.
OHFA encourages Ohio homeowners facing default or foreclosure to visit www.savethedream.ohio.gov to learn more about the program, complete a few simple questions to determine eligibility and register. Individuals can also register by calling the toll-free Save the Dream Ohio hotline at 888-404-4674.
In August, the Agency announced approval from the U.S. Department of the Treasury to utilize up to $60 million of uncommitted program funds to assist with preventing foreclosures and stabilizing local property values through the removal of blighted and vacant properties. OHFA will announce the results of the first round of funding for the Neighborhood Initiative Program on February 28.
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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, Save the Dream Ohio.