RI gets millions in homeowner aid

Providence, R.I. – Rhode Island is getting $43 million in federal aid to help homeowners stave off foreclosure.

The U.S. Treasury money announced yesterday was coordinated by a coalition led by Rhode Island Housing.

The so-called Hardest-Hit Funding money will be available statewide this fall through certified counselors and lenders.

The funds are intended to prevent avoidable foreclosures for Rhode Islanders who are unable to make mortgage payments because of hardships including job loss or underemployment.

The funds complement existing federal and lender programs and are only available to owner-occupied homeowners who have exhausted all other options.

Rhode Island Housing Executive Director Richard Godfrey calls the program "another valuable tool" to help stressed homeowners.