BUSINESS AND COMMUNITY LENDERS OF TEXAS SELECTED TO ASSIST HOMEOWNERS THROUGH HUD’S EMERGENCY HOMEOWNERS’ LOAN PROGRAM
Dallas, Texas – Business
and Community Lenders (BCL) of Texas has been selected as a
participating organization in the U.S. Department of HUD’s Emergency
Homeowners’ Loan Program (EHLP) to assist homeowners who have become
unemployed or underemployed due to the economic downturn or a medical
condition. The statewide program will only accept pre-applicants
through July 22, 2011.
EHLP will assist borrowers with payments of arrearages, including
delinquent taxes and insurance plus up to 24 months of monthly payments
up to a maximum of $50,000. Borrowers will be pre-screened for
eligibility and selected to apply via a lottery system, as there is
expected to be more demand than funds available.
of Texas is one of 11 nonprofit, HUD-approved counseling agencies and
local NeighborWorks organizations across Texas that will be assisting
homeowners throughout the state of Texas during the pre-screening
order to be qualified for funding, homeowners must demonstrate their
eligibility in regards to income limits, mortgage loan delinquency,
likelihood of foreclosure, ability to resume payment within 2 years, and
primary residence requirements. Further information regarding
eligibility can be found at www.ehlptexas.org.
EHL Program, developed by HUD and administered by NeighborWorks
America, is designed to emulate successful programs in other states.
The EHLP is being offered in Puerto Rico and the 32 states otherwise not
funded by the U.S. Department of Treasury’s Innovation Fund for Hardest
Hit Housing Markets program, which provides similar funding for
homeowners in other states.
For further information on the program, visit www.ehlptexas.org or call (877)417-8272.
About BCL of Texas
in 1990 as a statewide not-for-profit Certified Development
Corporation, BCL of Texas successfully promotes business and community
development and provides business capital and commercial real estate
loans throughout Texas. True to its mission to create jobs through
business development, BCL of Texas has helped to create jobs for more
than 4,400 Texans. In addition to providing businesses with counseling
and technical assistance, BCL of Texas originates, underwrites,
processes, closes and services business loans to healthy, growing
businesses. The organization also offers homebuyer education classes,
assists first-time homebuyers with the purchase of their first home and
helps customers remain responsible and successful homebuyers. BCL of
Texas is a member of the nationwide NeighborWorks® Network, which
engages in revitalization strategies that strengthen communities and
transform lives. For more information go to www.bcloftexas.org.