RI to receive $634K for foreclosure prevention
PROVIDENCE, R.I.—U.S. Senator Jack Reed has announced more than $634,000 in additional funding to help Rhode Island residents facing foreclosure.
The funding comes from NeighborWorks America's National Foreclosure Mitigation Counseling program. So far this year the state has received nearly $1.2 million in NeighborWorks America grants.
Rhode Island Housing is getting $545,782, West Elmwood Housing Development Corp. is receiving $63,540 and Community Works Rhode Island is pocketing $25,020. The money is to be used in areas including stabilizing neighborhoods hit hard by foreclosure and the economic downturn, counseling homeowners facing foreclosure and training foreclosure counselors.
An Urban Institute report found homeowners who got counseling from the NeighborWorks program lowered their monthly mortgage payment by an average of $176 and were nearly twice as likely to get a mortgage modification.