- April 29, 2015
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 preapproved 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.
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.”
find a list of the Nevada housing counseling agencies providing foreclosure
mitigation assistance under the NFMC program, please visit http://housing.nv.gov.