The subprime mortgage crisis in the United States has affected so many American homeowners even today. There has been much speculation about whether the federal loan modification programs, which are part of Obama’s Housing Rescue Plan, will work, as foreclosures in the country remain remarkably high by historical standards. One state that has been severely affected by the economic and mortgage crisis is Georgia, it was ranked among the top 10 areas in the United States for the most number of foreclosure applications since the first quarter of 2009.
As part of the federal government’s Making Home Affordable Plan, the Treasury Department has been donating millions upon thousands of US dollars to every state housing agency across the country. The Georgia Department of Community Affairs is authorized to provide mortgage payment subsidies, advise homeowners on foreclosure and debt management, and run the various federal loan modification programs in its area of responsibility.
The Georgia Department of Community Affairs (DCA) partners with nonprofit organizations to help revitalize families, businesses, and communities. To help build communities, programs such as the Community Development Block Grant (CDBG) and the Neighborhood Stabilization Program (NSP) were created. Such programs are intended to help communities achieve their development goals and assist in the process of achieving those goals.
There are also programs initiated by DCA to help foster home and community development by providing decent and affordable housing for Georgia homeowners. An example of such a program is DCA’s Dream Neighborhood Stabilization Purchase Plan; it basically provides financial assistance to qualified homebuyers planning to purchase foreclosed properties in the region. Other available mortgage assistance is rental and housing development assistance for low- and moderate-income families; homeless assistance, such as the Continuum of Care and Emergency Shelter Grants, Georgia Housing Search, Homeless Prevention and Rapid Rehousing Program, and Permanent Supportive Housing Program.
If you need help applying for any federal loan modification program, visit the Georgia Department of Community Affairs near you. Their staff can help you provide information about the list or requirements to qualify for the different federal mortgage assistance available in your state. You can also apply for assistance in revitalizing your community; accordingly, you can seek housing and financial assistance for homeless families you know.