WASHINGTON, DC – U.S. Senator Bob Casey (D-PA) today announced that more than $11.5 million in funding he helped to secure is on its way to organizations and Housing Agencies in Pennsylvania for subprime mortgage prevention counseling. This initial allocation of grant funding will help counsel more than 20,000 families in Pennsylvania.
“This money is a down payment to help keep Pennsylvania families in their homes,” said Casey. “I will continue to fight to ensure that Pennsylvanians have the resources they need to prevent foreclosure.”
Organizations in Pennsylvania receiving money:
ACORN Housing Corporation- $7,850,939.00
Pennsylvania’s Housing Finance Agency- $3,485,573.00 (the third highest amount received by a State Housing Authority)
Neighborhood Housing Services of Lackawanna County- $93,176.00
Neighborhood Housing Services of Reading, Inc- $32,864.00
Senator Casey helped to secure $180 million dollars with Senators Charles Schumer (D-NY), Chris Dodd (D-CT), Patty Murray (D-WA) and Sherrod Brown (D-OH) as part of the Consolidated Appropriations bill which was signed into law in December.
NeighborWorks America, a national non-profit organization, is responsible for distributing the $180 million in funds to counseling intermediaries throughout the country. Today, NeighborWorks will release $130 million and a second pool of $37.8 million is available for a subsequent funding round and/or to accommodate for such issues as new underserved areas and unmet needs or to provide additional funds for organizations that are quickly achieving goals in areas of greatest need. The money will begin to be distributed on March 1st.
To ensure that non-profits are aware of the available funds and that they submit their application prior to the deadlines, Senator Casey sent letters to eligible organizations in Pennsylvania.
Counseling programs have a demonstrated track record of helping homeowners navigate the complicated process of contacting lenders, banks and legal services to modify their mortgage loans and ultimately save their homes from foreclosure.
Senator Casey has been at the forefront of the congressional response to the subprime mortgage crisis. In addition to the funding secured, Senators Casey, Schumer and Brown also introduced the first major legislation to deal with the crisis. The Borrower’s Protection Act will provide funds for foreclosure prevention and crack down on bad actors in the mortgage industry and regulate mortgage brokers.
Senator Casey is also a cosponsor of the Homeownership Preservation and Protection Act introduced by Banking Committee Chairman Senator Chris Dodd. This legislation would help put an end to abusive practices and would provide stronger enforcement to ensure these new protections are followed.
###
“This money is a down payment to help keep Pennsylvania families in their homes,” said Casey. “I will continue to fight to ensure that Pennsylvanians have the resources they need to prevent foreclosure.”
Organizations in Pennsylvania receiving money:
ACORN Housing Corporation- $7,850,939.00
Pennsylvania’s Housing Finance Agency- $3,485,573.00 (the third highest amount received by a State Housing Authority)
Neighborhood Housing Services of Lackawanna County- $93,176.00
Neighborhood Housing Services of Reading, Inc- $32,864.00
Senator Casey helped to secure $180 million dollars with Senators Charles Schumer (D-NY), Chris Dodd (D-CT), Patty Murray (D-WA) and Sherrod Brown (D-OH) as part of the Consolidated Appropriations bill which was signed into law in December.
NeighborWorks America, a national non-profit organization, is responsible for distributing the $180 million in funds to counseling intermediaries throughout the country. Today, NeighborWorks will release $130 million and a second pool of $37.8 million is available for a subsequent funding round and/or to accommodate for such issues as new underserved areas and unmet needs or to provide additional funds for organizations that are quickly achieving goals in areas of greatest need. The money will begin to be distributed on March 1st.
To ensure that non-profits are aware of the available funds and that they submit their application prior to the deadlines, Senator Casey sent letters to eligible organizations in Pennsylvania.
Counseling programs have a demonstrated track record of helping homeowners navigate the complicated process of contacting lenders, banks and legal services to modify their mortgage loans and ultimately save their homes from foreclosure.
Senator Casey has been at the forefront of the congressional response to the subprime mortgage crisis. In addition to the funding secured, Senators Casey, Schumer and Brown also introduced the first major legislation to deal with the crisis. The Borrower’s Protection Act will provide funds for foreclosure prevention and crack down on bad actors in the mortgage industry and regulate mortgage brokers.
Senator Casey is also a cosponsor of the Homeownership Preservation and Protection Act introduced by Banking Committee Chairman Senator Chris Dodd. This legislation would help put an end to abusive practices and would provide stronger enforcement to ensure these new protections are followed.
###
