Residents in Clark County who are facing foreclosures can now sigh in relief as help from the federal government is on its way for their mortgage payment. Nevada was chosen to be one of the recipients Hardest Hit Fund established President Obama. The state one of the numerous states in the United States who has the highest foreclosure rates, as homeowners can’t afford their mortgage payment.
The state of Florida is also a beneficiary of the Hardest Hit Fund, which was granted about $1 billion available for homeowners in the state that are facing foreclosures, but the fund is delayed until the last week of March 2011.
Nevada is one of the beneficiaries of the United States Treasury’s program — “Hardest Hit Fund”, and has been awarded $150 million worth of funds, which can be availed by qualified homeowners to help them with their mortgage payment.
The United Sates Treasury has permitted Affordable Housing Assistance Corporation in Nevada to oversee the state’s Hardest Hit Funds program — which provide $38.5 million to about 12,000 homeowners for mortgage payment in Clark County.
About 22,000 homeowners can avail the Nevada’s Hardest Hit Funds plan.
According to an official from the Nevada Affordable Housing Assistance Corporation, the program is intended to help the unemployed or underemployed homeowners with their mortgage payment during their financial stress.
But, there are critics who opposed the “Hardest Hit Funds” and said that the program is not good enough and a waste of money.
Other beneficiaries of the “Hardest Hit Funds” include the states of Alabama, Arizona, California, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, New Jersey, North Carolina, Ohio, and others.
Assistance for a homeowner’s mortgage payment is about $500 a month, for the period of six months.