August 6th, 2010 3:57 PM by Christopher Terry
The US Treasury announced its second round of awards under it's Hardest-Hit Housing Market Fund established by President Obama in February. The second round totals 600 million in grants to the 5 hardest hit states. This is in addition to the first round which totalled 1.5 billion.
The second round of grants will be awarded to North Carolina ($159 million), Ohio ($172 million), Oregon ($88 million), South Carolina ($138 million) and Rhode Island ($43 million).
After learning of the grant Rhode Island formed a task force including RI Housing, Lenders, non-profits and local businesses to help determine the most effective way to utilize the funds. The immediate goal is to help homeowners who cannot, without assistance, participate in the Home Affordable Modification Program (HAMP, for more information on HAMP click here ). The state also will help homeowners who are at risk of foreclosure because of immediate or temporary financial crisis and funds to facilitate a Short Sale or Deed-in-Lieu.