COLUMBUS – Due to continuing worries about unemployment and under-employment, a recession recovery program is making a return.
The federal government has revived its Save The Dream program, which helped over 24,000 Ohioans avoid foreclosure during recession and afterward, said Netta Whitman, the director of the Housing Advisory Services Department at Homeport, which is administering the funds in central Ohio.
In many cases, homeowners are still struggling to make mortgage payments because they found themselves in lower-paying jobs than they had before they were unemployed or were unemployed recently.
“They’re still struggling, trying to keep up on all their payments,” Whitman said.
According to data from the Franklin County Clerk of Courts, there have been approximately 20 percent more foreclosures filed in the first eight months of 2016 compared to the same period last year.
Under the program, which began on Sept. 19, the Ohio Housing Finance Agency is administering the $25 million earmarked for Ohio, which can cover past due mortgage bills and provide up to nine months of ongoing payments for a homeowner who has qualified for unemployment benefits on or after January 1, 2014, Whitman said.
She estimates that the program will be able to assist about 2,000 Ohioans this year.
The program is not only for low-income residents. Whitman says the funds are available for families with annual incomes up to $112,000 as long as their mortgage is less than $432,000.