Wisconsin will receive more than $51.5 million to help keep unemployed homeowners in their homes, U.S. Rep. Gwen Moore, D-Milwaukee, announced this week.
The funds are from the federal financial industry reform legislation, which was signed into law this summer.
The U.S. Department of Housing and Urban Development (HUD) began distributing the funds this week. Under the program, qualified homeowners can receive up to $50,000 in low-interest loans to help pay their mortgage payments and avoid foreclosure.
“This new and important program gives families a real sense of security during these uncertain times,” Moore said. “By helping unemployed homeowners stay in their homes, in many cases, we can prevent a bad situation from getting even worse. Foreclosures played a major role in the financial crisis and further threaten the security of families who have fallen on hard times. This crucial provision does double duty – it helps keep families in their homes and helps communities by reducing foreclosures.”
