PAWTUCKET/CRANSTON – (RealEstateRama) — Building on their strong record of helping families who are facing the threat of foreclosure, U.S. Congressmen David N. Cicilline and Jim Langevin today announced that Rhode Island will receive almost $9.7 million in new federal funding from the U.S. Department of the Treasury.
“The foreclosure crisis hit Rhode Island harder than most states, and although we’ve made significant progress, there’s much more work left to do. This new federal funding will provide critical resources to assist homeowners all across our state. My office has been able to help many Rhode Islanders stay in their homes using Hardest Hit Funds, and I encourage Rhode Islanders who might benefit from these funds to contact my office directly,” said Congressman Cicilline. “An affordable, healthy and safe home is one of the keys that unlocks the American Dream. It is an essential part of building strong, secure neighborhoods, and I will continue fighting to ensure that Rhode Island gets the resources it needs to prevent foreclosures.”
“Rhode Island and the rest of the nation is still recovering from the economic downturn, and when these funds become available, they will go a long way to stabilize communities, fight blight caused by abandoned properties, and, most importantly, ensure that hardworking families can stay in their homes,” said Congressman Jim Langevin. “I proudly supported the increase to Hardest Hit Fund funding, which I know will help homeowners and strengthen Rhode Island communities, and I look forward to seeing this program up and running later this year.”
Beginning today, the U.S. Department of the Treasury is providing up to $2 billion in Troubled Asset Relief Program (TARP) funding for the Hardest Hit Fund (HHF) program. This new funding provides resources for state Housing Finance Agencies (HFAs) to keep residents in their homes and help stabilize communities that have been most affected by the foreclosure crisis. Rhode Island will receive $9.68 million to assist homeowners facing the threat of foreclosure.
Under this new initiative, states will also have the opportunity to apply before March 11th for additional resources to prevent foreclosures. Rhode Island has received $79 million in HHF investments since the program was started in December 2010 to provide resources to 18 states that were most affected by the foreclosure crisis, as well as the District of Columbia. A total of $7.6 billion has been obligated to HHF to provide assistance to homeowners and communities struggling with foreclosure.
Since the start of the foreclosure crisis in 2007, Cicilline has fought to ensure Rhode Islanders facing housing insolvency have the opportunity to keep their homes. As Mayor of Providence, Cicilline passed an ordinance to require Wall Street banks to enter foreclosure mediation before repossessing a home. In Congress, Cicilline has fought Republican efforts to eliminate critical housing programs and consistently advocated for resources to assist homeowners facing foreclosure.