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Governor Beshear Announces Over $1.5 Million Awarded to Help Homeowners Facing Foreclosure

FOR IMMEDIATE RELEASE

Contact:

February 6, 2009

Jay Blanton
(502) 564-2611
(502) 330-2802

Jill Midkiff
(502) 564-2611
(502) 330-1185

Charla Jackson Peter
(502) 564-7630 ext. 454

Governor Beshear Announces Over $1.5 Million Awarded to Help Homeowners Facing Foreclosure
Funding will assist more than 2,200 Kentucky households 

LEXINGTON, Ky. (Feb. 6, 2009) - Joined by Lexington Mayor Jim Newberry and Kentucky Housing Corporation (KHC) Chief Executive Officer Richard L. McQuady, Gov. Steve Beshear announced today that the Kentucky Homeownership Protection Center would receive a grant in excess of $1.5 million from NeighborWorks® America as a part of the federal Housing and Economic Recovery Act of 2008. 

Included in the grant is funding for legal services, training and staffing for partner agencies that will provide foreclosure intervention and default counseling.

“Since its creation in August 2008, over 2,100 Kentuckians have reached out to the Kentucky Homeownership Protection Center for foreclosure prevention help,” Gov. Beshear said. “This grant will help an additional 2,200 Kentuckians, who are in danger of foreclosure, receive counseling and assistance as they work to keep their homes.”

Newberry said Lexington has several programs to increase homeownership. “We have been working very hard for several years to help people realize the American dream of homeownership, and we want to keep new homeowners in their homes,” Newberry said.

“Kentucky is fortunate to have leaders like Gov. Beshear and Rep. Tommy Thompson, who sponsored the bill creating the Homeownership Protection Center,” said McQuady. “They had the foresight to develop the Protection Center before the foreclosure crisis destroyed the dream of homeownership in Kentucky as it has in so many other states. Through this grant, we will be able to expand our network of counselors and help more people without the use of state funding.”

Each homeowner who contacts the Protection Center through the Web site, www.ProtectMyKYHome.org, or through the toll-free number, (866) 830-7868, will be referred to a counseling agency. The agency will review the client’s current situation and work to assist the client the best way possible. To be eligible for assistance, clients must be at least 18 years of age and the owner and occupant of the property.

Counseling assistance may include, but is not limited to:

Information – Clients may receive general information about foreclosure prevention, loss mitigation, home repair and/or utility assistance programs.
Assessment – Counselors will assess the homeowner’s financial circumstances and determine what options might be available.
Referral – Homeowners may be referred to other services that can help support the homeowner, including social service agencies or other organizations.
Case Management – Counselors may provide assistance with the homeowner’s situation by identifying possible alternatives and solutions.
Debt Management – Counselors will assist the homeowner by outlining their financial situation and helping them construct a realistic budget.

The Protection Center is a joint effort of the Department of Financial Institutions, KHC, and many other organizations across the state. KHC administers the Protection Center, under the direction of Gov. Beshear, to provide support and guidance to homeowners who are in default or in danger of default on their mortgage loan. KHC will be collecting and reporting data on the results to the Governor’s Office.

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Kentucky Housing Corporation, the state housing finance agency, was created by the 1972 General Assembly to provide affordable housing opportunities. As a self-supporting, public corporation, Kentucky Housing offers lower-than-market rate home mortgages, housing production financing, homeownership education/counseling, rental assistance, housing rehabilitation and supportive housing programs for special needs populations.

Kentucky Housing Corporation prohibits discrimination in employment based on race, color, religion, sex, national origin, sexual orientation, gender identity, ancestry, age, disability or veteran status.