Emergency Homeowners’ Loan Program

The U.S. Department of Housing and Urban Development (HUD) in conjunction with NeighborWorks® America announced the launch of the Emergency Homeowners’ Loan Program (EHLP) to help homeowners who are at risk of foreclosure in Wisconsin.

Congress provided $1 billion dollars to HUD, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to implement EHLP. The program will assist homeowners who have experienced a reduction in income and are at risk of foreclosure due to involuntary unemployment or underemployment due to economic conditions or a medical condition. HUD allocated $51,540,638 to fund this emergency loan program in Wisconsin.

Under EHLP program guidelines, eligible homeowners can qualify for an interest free loan which pays a portion of their monthly mortgage for up to two years or up to $50,000, whichever comes first.

The EHLP program will pay a portion of an approved applicant’s monthly mortgage including missed mortgage payments or past due charges including principal, interest, taxes, insurances, and attorney fees. EHLP is expected to aid up to 30,000 distressed borrowers, with an average loan of approximately $35,000.

The EHLP program is a complement to the Hardest Hit Fund which makes available $7.6 billion to 18 states and the District of Columbia that were hardest hit by the housing crisis. The EHLP program will be offered in the following states: Alaska, Arkansas, Colorado, Hawaii, Iowa, Kansas, Louisiana, Maine, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming and Puerto Rico. Five states operating substantially similar programs are administering EHLP directly: Connecticut, Delaware, Idaho, Maryland, and Pennsylvania. With today’s launch, mortgage assistance is now available for unemployed and underemployed homeowners in every state.

The deadline for submitting the Pre-Applicant Screening Worksheet is July 22, 2011. Homeowners are encouraged to apply now in order to determine if they qualify for this new mortgage assistance program and learn more about the many options available to assist those with housing needs.

Contact information for participating agencies, the Pre-Applicant Screening Worksheet and more information on the EHLP program and its eligibility requirements can be found at www.FindEHLP.org or by calling toll free at 855-FIND-EHLP (346-3345).

The following agencies in Wisconsin will be accepting applications for the EHLP:

Homestead Solutions
435 Algoma Boulevard
Oshkosh, WI 54901
Phone: 920-230-3324
Web: http://www.homesteadsolutions.org/

Couleecap, Inc.
201 Melby Street
Westby, WI 54667
Phone: 608-634-7361

Family Service Association of Sheboygan, Inc.
1930 N. 8th Street
Sheboygan, WI 53081
Phone: 920-458-3784
Web: http://www.cccsonline.org/

Housing Resources, Inc.
7830 W. Burleigh Street
Milwaukee, WI 53222
Phone: 414-461-6330
Web: http://www.hri-wi.org/

Light Streams Community Development Corporation
6125 W. Baldwin Street
Milwaukee, WI 53218
Phone: 414-464-0202

MMI – Madison
128 E. Olin Avenue, Suite 100
Madison, WI 53713
Phone: 877-329-2502
Web: http://www.moneymanagement.org/

MMI – Racine
524 Main Street, Suite 300
Racine, WI 53403
Phone: 877-329-2502
Web: http://www.moneymanagement.org/

Neighborhood Housing Services of Beloit, Inc.
520 W. Grand Avenue
Beloit, WI 53511
Phone: 608-362-9051
Web: http://www.nhsofbeloit.org/

NeighborWorks Green Bay
437 S. Jackson Street
Green Bay, WI 54301
Phone: 920-448-3075
Web: http://www.nwgreenbay.org/

NHS of Richland County
125 E. Seminary Street
Richland, WI 53581
Phone: 608-647-4949
Web: http://www.nhsrcwi.org/

Select Milwaukee, Inc.
2209 N. Dr. Martin Luther King, Jr. Drive
Milwaukee, WI 53212
Phone: 414-562-5070
Web: http://www.selectmilwaukee.org/