Those trying to avoid foreclosure on their home can apply for aid from the Minnesota Housing Finance Agency’s Foreclosure Prevention Assistance Program.
Awards, however, have been capped at $5,500.
In response to the ongoing foreclosure crisis, a new law ties the cap to a fluctuating indicator — 110 percent of the median cost of owner-occupied housing multiplied by six. This would mean a Twin Cities metropolitan area homeowner would have a cap of $10,718, and $9,478 to homeowners in Greater Minnesota. The cap was last adjusted in 2001.
Sponsored by Rep. Jim Davnie (DFL-Mpls) and Sen. Linda Higgins (DFL-Mpls), the law is effective May 28, 2008.
HF3346*/SF3073/CH362
At Issue: The land trust model
A new way to help homeowners and their neighborhoods
(view full story)
Published 4/4/2008
At Issue: Bipartisan focus on foreclosures
House moves on to help with mortgage foreclosure crisis
(view full story)
Published 4/4/2008