WASHINGTON, DC – April 13, 2015 – (RealEstateRama) — Congressman Chaka Fattah (PA-02) announced today that the Pennsylvania Housing Finance Agency (PHFA) will receive $915,324 from the U.S. Department of Housing and Urban Development (HUD) for counseling services.
In addition to the PHFA grant, Nueva Esperanza, Incorporated will receive $402,224 and the Hispanic Association of Contractors and Enterprises is the recipient of $14,078 in housing counseling grants. The funding will support the delivery of a wide variety of housing counseling services to homebuyers, homeowners, low-to-moderate income renters and the homeless.
HUD directs the funds to be used to improve financial literacy, expand and preserve homeownership opportunities and increase access to affordable housing.
In announcing the awards, Congressman Fattah said, “The grant monies will go a long way to help financially vulnerable families stay in their homes. Counselors, funded by these grants will be able to show homeowners their different options to staving off foreclosure by resolving mortgage delinquencies and defaults. Preserving homeownership is critical to a stable and robust community.”
Counselors will also educate borrowers on how best to avoid inflated appraisals, high interest rates, unaffordable repayment plans and other situations that could ultimately result in foreclosure.