Agency re-introduces heat assistance plan for its mortgage customers
Providence, RI – December 8, 2010 – (RealEstateRama) — With more Rhode Islanders coping with job loss or underemployed and with the cost of fuel continuing to increase, Rhode Island Housing is once again offering its Heating Assistance Program.
This innovative program, first introduced by the agency in 2005, enables Rhode Island Housing’s FirstHomes customers to defer $200 per month from their mortgage payments for up to four months this winter – January, February, March and/or April – with the understanding that to make up the difference, they will pay an extra $100 per month after the heating season. The program is free and will not increase the interest customers pay on their mortgages. Rhode Island Housing will send details of the program to over 7,400 FirstHomes customers this month.
“As more and more Rhode Islanders struggle with hardships and increasing expenses, we want to do all we can to ensure that our customers can live safely and comfortably in their homes and continue to afford to pay their monthly bills on time,” said Richard Godfrey, Executive Director of Rhode Island Housing.
“Rhode Island Housing’s commitment to our customers does not end when the loans close,” noted Godfrey. “We’re unique because we don’t sell our FirstHomes loans to the secondary markets. Servicing these loans internally gives us the flexibility to respond to the needs of individuals who are experiencing financial difficulties and the capacity to develop programs to address pressing needs, such as the current economic crisis.”
Godfrey added that mortgage delinquencies typically increase in the winter and expressed concern that rising energy costs will cause more people to experience difficulties in making ends meet. While some customers may qualify for help from existing energy assistance programs, these funds have limited resources and will be under heavy pressure this winter, particularly given the state’s ongoing foreclosure and economic crisis.
Contact:
Faye Zuckerman, 401 277-1564 or fzuckerman (at) rhodeislandhousing (dot) org
Amy Lanctot, 401 450-1309 or alanctot (at) rhodeislandhousing (dot) org
