Senate Introduces Bill to Help Unemployed Homeowners and Provide Third Round of NSP Funding

Senator Bob Casey of Pennsylvania has introduced the Homeowners' Relief and Neighborhood Stabilization Act of 2010, which provides temporary relief to unemployed homeowners and proposes a third round of the Neighborhood Stabilization Program (NSP3).

The bill provides $3 billion to allow homeowners facing a temporary loss in income due to unemployment, underemployment or medical condition to receive low-interest loans for up to 24 months to assist in their monthly mortgage payment. Homeowners must be at least 3 months behind on their mortgage payments and have received a notice stating that the holder of the mortgage intends to foreclose.

The bill also establishes $1 billion for NSP3 to provide grants to eligible entities to purchase and redevelop foreclosed and abandoned properties. The proposed third round of the Neighborhood Stabilization Program uses the NSP2 version of the program, but for a few changes.

Learn more about the Homeowners' Relief and Neighborhood Stabilization Act of 2010 at stablecommunities.org.

Video: Bringing You Home - How to Reduce Your Post Holiday Debt

The video below takes a look at how to reduce your post holiday debt. It is the first in a series of 12 educational videos brought to you by UNHS NeighborWorks HomeOwnership Center in Utica, NY, and sponsored by Adirondack Bank. If you are unable to view the embedded video, view it at http://www.youtube.com/watch?v=jLOwqpVbE0w.

NeighborWorks Recognizes Black History Month by Offering Tips for Long-Term Affordable Homeownership

For more than 30 years NeighborWorks America has strived to help make the dream of affordable homeownership a reality for underserved populations. For some time, however, families were priced out of the market and homeownership was a distant dream. Today there is improved affordability and tremendous opportunity, which makes homeownership an achievable dream for potential buyers who should heed the lessons learned from the housing crisis.

This year, NeighborWorks America recognizes Black History Month by urging African Americans who are interested in becoming homeowners to seek homeownership education at local NeighborWorks organizations to best prepare for making their dreams of long-term homeownership come true.

“Buying a home is a complex financial transaction and homebuyers who begin the process with the right information through homeownership education lay the groundwork for long-term success for themselves, their families, and the community at-large,” said Ken Wade, CEO of NeighborWorks America.

If you are interested in becoming a homeowner but want to know if you are on the right path, Wade offers seven questions that homebuyers should ask themselves so they know whether they are ready for homeownership:

• Do you have a reliable source of income?
• Do you plan on living in your community for 10+ years?
• Are you a saver?
• Do you have minimal debt?
• Do you have a good credit score?
• Do you have at least a five percent down payment saved, along with funding to cover closing costs and moving expenses?
• Are you prepared for the responsibility of maintaining a home after purchase?

“Whether you are ready to buy a home now or you want to prepare for homeownership in a year, two years, or more, homeownership education will put you on the path toward achieving your dream,” said Wade.

Where can homebuyers find homeownership education in their community? NeighborWorks has nearly 100 local HUD-approved nonprofit housing counseling organizations across the country that have trained counselors on-staff, ready to advise families one-on-one and help them make the right homeownership choice for them. To find a local NeighborWorks organization that offers homeownership education in your area, visit www.nw.org/network/nwdata/homeownershipcenter.asp.

Nonprofits Are Urged to Share Information on Earned Benefits With Their Employees and Clients

The federal government took steps in 2009 to significantly expand benefits and supports for the nation’s low-income families, with much of the new assistance coming through the American Recovery and Reinvestment Act. This legislation increased benefits for struggling families, including unemployment insurance coverage, tax credits and assistance programs such as food stamps, child care and housing subsidies.

These investments can make an enormous difference for America’s struggling families, but only if they can gain access to and receive the benefits for which they are eligible.

The National Assembly (of which NeighborWorks America is a member) has produced a series of materials and tools to make it easier for nonprofits to share this information, and The Annie E. Casey Foundation has produced an issue brief, Improving Access to Public Benefits to help individuals and families get the income supports they need.

NeighborWorks Offers Homeowners Energy-Saving Tips for Your Home and Family

As the seasons change, it pays to be more energy efficient, which is why NeighborWorks America is now offering homeowners tips to improve the way your home and family use energy.

From simple tasks like turning out lights not in use and meal planning, to installing ceiling fans and storm doors, NeighborWorks outlines ways your home and your family can become more energy efficient and save money in the long run.

Download the tip sheet.