or Gregory J. Silva
Rhode Island Housing
HHFRI in cooperation with Representative Agostinho F. Silva to host an informational meeting on foreclosure-prevention funds at Segue Institute for Learning
Unemployed homeowners should call 401-277-1500 for an appointment to begin the HHFRI application process
Central Falls (August 4, 2011) – An informational and open-to-the-public meeting on the foreclosure-prevention program Hardest Hit Fund Rhode Island (HHFRI) will be held on Wednesday, August 17, at 6 p.m. at the Segue Institute for Learning, 325 Cowden St., Central Falls.
Representative Agostinho F. Silva (District 56, Central Falls) is urging homeowners to attend the meeting as the latest changes to HHFRI have made it easier for those Rhode Islanders having difficulty making mortgage payments to get assistance.
Among the new criteria, homeowners who are unemployed, and believe they may qualify can now contact the HHFRI Center, 401-277-1500, directly to get an appointment to begin the HHFRI application process. Under the original program, all applicants needed to go through a HUD approved and HHFRI certified counselor.
Homeowners with hardships other than unemployment will continue to seek out assistance from a HUD approved and HHFRI certified counseling agency such as the Rhode Island Housing Help Center, 401-457-1130.
Other changes to the program include that homeowners who own more than one property can qualify for this assistance. (The requirement that homeowners could not own other property has been eliminated.)The amount families can have in savings and still qualify for assistance has been increased to $15,000. (You can have any amount in a retirement account such as a 401k or an IRA.)
“With these adjustments HHFRI will be able to bring relief to more Rhode Islanders and keep them in their homes,” said Richard Godfrey, executive director of Rhode Island Housing. “The purpose of this program is to prevent foreclosures and stabilize the housing market by helping homeowners make mortgage payments.”
Struggling homeowners may qualify for this program if they have a documented financial hardship such as a sudden loss of a job, underemployment, unforeseen medical expenses, and disability of a family’s key wage-earner or costly home repairs as a result of the flooding in Rhode Island during the spring of 2010. Also, members of the U.S. Armed Forces who have experienced a drop in income due to deployment are qualified for assistance. (This applies to all personnel in regular and reserve components of the Army, Navy, Air Force, Marines and Coast Guard.)
The HHFRI free meeting will be in English with a Spanish interpreter on site. For more information on HHFRI and the list of all community meetings, visit: www.HHFRI.org; email: info@HHFRI.org; or call: 401-277-1500.
The U.S. Treasury has made available to Rhode Islanders $80 million to help those at risk of losing their homes. Rhode Island Housing has been designated by the Treasury to oversee the funds. The agency will be processing, approving and administering the submissions from lenders, servicers and specially trained HHFRI certified counselors.
About Rhode Island Housing:
Together with its partners, Rhode Island Housing works to ensure that all people who live and work in Rhode Island can afford a healthy, attractive home that meets their needs. Rhode Island Housing uses all of its resources to provide low-interest loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, Rhode Island Housing is a privately funded public purpose corporation.