Dodd Announces $203,950 for Foreclosure Counseling Programs

October 2, 2009

by Connecticut RealEstateRama

October 2, 2009 – (RealEstateRama) — Senator Chris Dodd (D-CT) announced today that two Connecticut housing counseling organizations will receive $203,950 to assist families facing foreclosure of their homes. The Connecticut Housing Finance Authority (CHFA) will receive $85,150 and Neighborhood Housing Services of New Haven, Inc. will receive $118,800 from the National Foreclosure Mitigation Counseling (NFMC) Program of NeighborWorks America.

“Foreclosure mitigation counseling is crucial for Connecticut families at risk of losing their homes,” said Dodd. “This funding will allow the Connecticut Housing Finance Authority and Neighborhood Housing Services of New Haven to help many at-risk residents learn ways to avoid foreclosure—an essential service in these challenging economic times.”

“I want to express my sincerest appreciation to NeighborWorks America, Senator Chris Dodd in his role as Chairman of the Banking Committee and the rest of Congress who supported the recent appropriation of additional National Foreclosure Mitigation Counseling funds,” said Jim Paley, executive director of Neighborhood Housing Services of New Haven, Inc. “The NFMC funding has made it possible for families to save their homes and avoid the despair that accompanies the loss of one’s home. There are still many families who require our assistance, and the additional funds will translate into direct and cost-effective intervention that will positively affect the lives of many Connecticut homeowners.”

Dodd, the Chairman of the Senate Committee on Banking, Housing and Urban Affairs, created the NFMC as an amendment to the Fiscal Year 2008 Appropriations Bill. The program has received $410 million to assist at-risk homeowners since its inception.

NeighborWorks America is a national nonprofit organization created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts. According to the organization, more than 698,800 families in all 50 states, Puerto Rico and Guam have received foreclosure counseling through the NFMC Program to date. It is estimated that more than 128,563 families facing the threat of foreclosure will be directly assisted with this round of funding.

U.S. Senator Chris Dodd
448 Russell Building | Washington D.C., 20510
Tel: (202) 224-2823 | Fax: (202) 224-1083