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Moed says expansion of Hardest Hit Fund will help address abandoned housing crisis

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For immediate release:
April 17, 2013

 

INDIANAPOLIS - Continuing his work to expand programs that help people keep their homes and prevent abandoned housing, State Representative Justin Moed (D-Indianapolis) joined Lieutenant Governor Sue Ellspermann today to announce changes to the Hardest Hit Fund (HHF) Program that will expand coverage and help more Hoosiers keep their homes.

The HHF, a program by the Indiana Housing & Community Development Authority (IHCDA), is tapping into their $180 million of previously underused funds to expand assistance for foreclosure prevention.

“There is no place like home,” Moed said. “Working together to expand coverage will help thousands of families keep the American Dream alive. I am confident this expansion will help prevent foreclosures and reduce the number of abandoned homes in our neighborhoods.”

Under the IHCDA expansion, people now may qualify to receive assistance in paying their mortgage under the following situations: an involuntary and substantial reduction in employment income, a substantial reduction in household income due to death of a household member, significant expenses related to non-elective medical procedures or emergencies, or military service.

Additional program changes include a nearly doubled amount of funds available for applicants, six extra months of assistance, transition assistance, and unemployment benefits timeline extension.

“To date the Hardest Hit Fund has helped approximately 1,500 families,” Moed said. “This expansion will now be able to help over 10,000 more families keep their homes.”

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