DHCR to Hold Subprime Foreclosure Prevention Program Workshop in Albany July 8

ALBANY, NY (07/03/2008)(readMedia)-- The New York State Division of Housing and Community Renewal will hold a workshop in Albany on Tuesday, July 8 to assist not-for-profits in applying for funding under New York State's Subprime Foreclosure Prevention Program. The workshop will be held from 9:00 a.m. - 11:00 a.m. at the Downtown Holiday Inn Express, 300 Broadway, Albany, New York.

This is the first in a series of workshops DHCR will hold around the state in July to help organizations apply for $20 million under the program to provide financial counseling and legal services for homeowners who hold a subprime or unconventional mortgage.

Workshops will include a discussion of program applicant requirements and the funding process. Applicants interested in attending should contact Marie Goldston at mgoldston@dhcr.state.ny.us or 518-402-3231.

The 2008-09 New York State budget provided $25 million to the Housing Trust Fund Corporation (HTFC) for the development of the Program. In addition to grants to the not-for-profits that are providing direct counseling and legal services to New York homeowners, the remaining $5 million of the funding will be used for training and support of those not-for-profits.

Eligible applicants must be not-for-profit entities with experience providing community outreach and education, direct housing counseling, mediation, or other legal services. Proposals for funding will be evaluated based on the applicants' experience and staffing capacity, the needs of borrowers in the area served, applicant's ability to demonstrate collaborative relationships for providing services and marketing those services to borrowers at risk, and the efficiency and cost-effectiveness of the proposal. Collaborative proposals by multiple applicants are strongly encouraged to ensure that all necessary services are available throughout the State in a manner that decreases duplication and maximizes the impact of public resources.

The program will be administered by the Division of Housing and Community Renewal (DHCR) and the Housing Trust Fund Corporation (HTFC), in consultation with the New York State Banking Department, the Office of Court Administration, and the State of New York Mortgage Agency (SONYMA).

For more information, go to www.nysdhcr.gov.

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