Funding is still available through the Emergency Homeowners’ Loan Program
HARRISBURG, PA – September 5, 2011 – (RealEstateRama) — The Pennsylvania Housing Finance Agency is encouraging homeowners in danger of foreclosure to contact an approved counseling agency and submit their applications for the Emergency Homeowners’ Loan Program on or before Friday, Sept. 16 to allow adequate time for processing.
Pennsylvania was allocated $105 million in EHLP funding from the federal government last April. The deadline for Pennsylvania to reserve that money to help state residents is Sept. 30. But the agency needs time between Sept. 16 and the end of the month to process the large number of applications now being received, which has exceeded 200 applications on some days. So Sept. 16 will be the last day the agency can accept EHLP applications.
So far, approximately $50 million of EHLP funding has been committed to homeowners in need of assistance.
“The recent surge of applications coming to PHFA is encouraging,” said PHFA Executive Director and CEO Brian A. Hudson Sr. “We’re advising homeowners to act now to apply for this foreclosure prevention assistance, or they may be too late. They need to allow some time to work with a counseling agency to fill out the application and collect all the necessary documentation. So they should not wait until Sept. 16 to act.”
As of August 26, PHFA has received 3,643 EHLP applications. The number of applications approved is 1,387, the number that did not meet the program requirements is 1,269, and the number currently being processed is 987. The top-five counties submitting applications, in descending order, are: Philadelphia, Delaware, Allegheny, Montgomery and Bucks.
Homeowners can learn more by calling the EHLP hotline weekdays during normal business hours at 1-800-342-2397. Additional information, including a list of approved counseling agencies, is available on the PHFA Web site at www.phfa.org under “Agency News.”
EHLP application deadline is Sept. 16, Page 2
The Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental apartment options for older adults, low- and moderate-income families, and people with special housing needs. Through its carefully managed mortgage programs and investments in multifamily housing developments, PHFA also promotes economic development across the state. Since its creation by the legislature in 1972, it has generated $10.3 billion of funding for more than 145,000 single-family home mortgage loans and 83,000 rental units, while saving the homes of nearly 46,000 families from foreclosure. PHFA programs and operations are funded primarily by the sale of securities, not by public tax dollars. PHFA is governed by a 14-member board.