From the Office of Alabama Governor
MONTGOMERY - Governor Robert Bentley announced today the creation of Hardest Hit Alabama (HHA), a new program providing $162 million for the prevention of foreclosure in Alabama.
In August 2010, the U.S. Department of Treasury announced $2 billion in federal funding to provide additional assistance targeted at unemployed homeowners in states with the highest unemployment rates.
The Alabama Housing Finance Authority has been allocated approximately $162 million in federal funds to help unemployed or underemployed homeowners with temporary assistance to avoid foreclosure while they are unemployed.
"Record foreclosures and continued high unemployment are causes for concern for our state," said Governor Bentley. "Homeowners who have experienced a temporary loss of income can benefit from short-term assistance to help bridge the gap until they have restored their income. This assistance is designed to help families stay in their homes until they can they find employment."
Eligible homeowners will receive assistance to pay their mortgage payments and all other mortgage-related expenses, including payments on any subordinate liens, while unemployed or underemployed. HHA will provide up to 12 monthly mortgage payments, or $15,000, per household.