Nevada Housing Division receives funds for statewide foreclosure mitigation counseling services


Contact

Teri Williams
Public Information Officer
702-486-0407
Carson City, NV - April 28, 2015

The Nevada Housing Division has received a federal grant of $156,210 to support ongoing foreclosure prevention counseling efforts. The funds, awarded by the National Foreclosure Mitigation Counseling Program, will be re-allocated to pre-approved statewide nonprofit housing counseling agencies in order to continue providing one-on-one counseling and assistance to Nevada homeowners in danger of foreclosure. 

Ranking second in the nation for rate of foreclosures behind only Florida, many Nevadans are still struggling to make their payments and face imminent foreclosure or default.  And despite improvement in median housing prices, a recent report by real estate research firm RealtyTrac ranks the Las Vegas Valley number two for its share of underwater homes with 28.4 percent of homeowners owing at least 25 percent more than the property is worth. 

Since the inception of the National Foreclosure Mitigation Counseling (NFMC) Program in 2008, NHD has received more than $2.2 million in funds to assist distressed homeowners throughout the state.  To date, approximately 6,414 Nevada homeowners have received counseling under the program.  The latest round of funding is estimated to provide counseling and assistance to an additional 565 homeowners.

A recent NeighborWorks America study prepared by the Urban Institute looked at the effectiveness of the NFMC program and found that homeowners who work with NFMC counselors were nearly twice as likely to cure a serious delinquency or foreclosure, and nearly three times as likely to receive a modification cure.

The Nevada Housing Division understands the importance of homebuyer counseling and its direct impact on home retention and in promoting responsible homeownership,” said Sharath Chandra, NHD Deputy Administrator.  “This grant will help continue the important work NHD is doing through our partner counseling agencies by helping and advocating on behalf of Nevadans as they navigate one of the greatest housing crises of our times.”

To find a list of the Nevada housing counseling agencies providing foreclosure mitigation assistance under the NFMC program, please visit http://housing.nv.gov.

 

About NHD

Created by the Nevada Legislature in 1975, the Nevada Housing Division was created to encourage the investment of private capital and stimulate the financing of affordable housing through the use of public financing to provide mortgage loans and to make loans to and purchase mortgage loans from mortgage lenders, and to perform any other function authorized by NRS 319.  The Division provides low interest rate mortgages and down payment assistance to qualifying individuals and provides funding for affordable multi-family housing developments for seniors and families.  In addition, the Division oversees the Hardest Hit Fund, which assists homeowners at risk of default or foreclosure.

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