Although the Austin metro area is fairing well than most of the country in terms of foreclosures, the city of Austin as well as the State of Texas have decided not to sit back and simply “ride out” the wave of foreclosures that have taken place throughout the state. As such, the Texas Department of Housing and Community Affairs recently applied for a grant from the National Foreclosure Mitigation Counseling Program and won a $387,000 grant.
The grant monies will be used to help bring more stability to Texas families, including those in the city of Austin, who are struggling to make their mortgage payments. It is also intended to bring assistance to neighborhoods as well as to help stabilize government finances. As such, the Texas Department of Housing and Community Affairs will be specifically working with homeowners who are either near foreclosure or who are already in foreclosure in order to help them develop a new repayment plan or to make helpful adjustments to their current mortgage loan agreement.
“Texans should know that their state housing agency is resolute to prevent foreclosures,” TDHCA Executive Director Michael Gerber was reported as saying in Austin Biz Journals. “TDHCA and its local partners will use this grant to empower more households to avoid foreclosure and achieve greater stability in their lives.”
The grant will be used to help Austin residents as well as other residents throughout the state of Texas. Homeowners who are facing foreclosure can get more information about the program and learn more about available assistance programs by calling 1-888-995-HOPE.