The federal government is making $1 billion in loans available to help home owners who’ve lost their job in the downturn meet their mortgage payments. Loans under the Emergency Homeowner Loan Program are for five years and are interest free. Eligibility extends to households earning 120 percent of the area median income and whose income is at least 15 percent less than what it was prior to their job loss. The program will be administered by national nonprofit NeighborWorks America and available in Puerto Rico and the 32 states not assisted under the U.S. Treasury Department’s program for helping the country’s hardest-hit foreclosure states. Loan applications could be available by the end of the year, says the U.S. Department of Housing and Urban Development. For more info contact Bill Gilmartin, 202/383-1102.
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