HUD to Give Away $1 Billion to Struggling Homeowners

HUD to Give Away $1 Billion to Struggling Homeowners.

The Washington Post (7/5, Podkul, 572K) reports HUD, through its $1 billion Emergency Homeowners' Loan Program, hopes to help 30,000 "homeowners who are among the most difficult to help: those who fell behind on their payments because of job loss or unexpected medical bills." Due to a delayed start, HUD has until September 30 to spend the allotted $1 billion on homeowners in 27 states. Struggling homeowners in search of EHLP assistance face a July 22 deadline, and "if demand outstrips available funds, HUD will run a lottery to pick successful applicants." Rep. Jeb Hensarling (R-TX) and other GOP lawmakers in the House supported a bill to abolish the program, but it did not pass the Senate.