EKB News

KENTUCKY...
Gov. Steve Beshear, along with Kentucky Housing Corporation (KHC) Chief Executive Officer Richard L. McQuady, has announced that Kentucky will receive additional funding from the U.S. Treasury Department to help unemployed and underemployed homeowners pay their mortgages as they seek work. Kentucky originally expected to receive $55.6 million, but received notification today that that state will receive an additional $93.3 million for a total of $148.9 million.

Geared to serve low-to-moderate-income households, this loan program is funded through Troubled Asset Relief Program (TARP) funds are dedicated to the expansion of the Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets (the Hardest-Hit Fund.)

Details are still being determined, but it is anticipated that the program will be launched statewide in April 2011. Until these funds are made available, Kentuckians who are facing foreclosure or near facing foreclosure can seek free help through the Kentucky Homeownership Protection Center.

If homeowners are delinquent on their home loan, in danger of becoming delinquent, or are just starting to have financial problems that may affect their ability to pay their mortgage, they should immediately contact the Protection Center by calling toll-free in Kentucky at (866) 830-7868 or visit www.ProtectMyKYHome.org. Financial counselors, attorneys and public assistance agencies are available to help homeowners understand their options.