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.

The

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.

BCL

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

phase. 

In

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.

The

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

Established

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.