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9tlt°~~~frs <br />................... _............................................ <br />~OtTI~_ V~~t"~11 <br />!"ltwt' <br />The Emergency Homeowner's Loan Program (FRCP) is afirst-of-its-kind federal program focused on keeping <br />families in their homes during difficult economic times. The program, developed by the U.S. Department of Housing <br />and Urban Development (HUD), will offer unprecedented mortgage assistance too Minnesota homeowners in danger <br />of foreclosure because of involuntary unemployment, underemployment, or medical issues. <br />HUD has set aside more than $70 million for this. program in Minnesota, which will provide up to $50,000 in <br />interest-free forgivable loans over the next two years to more than 1,400 selected qualifying homeowners statewide. <br />AD®RESSING THE Gf~EATEST NEED <br />More than two thirds of Minnesota homeowners <br />who seek foreclosure counseling report falling <br />behind on their mortgage because of <br />unemployment, underemployment or medical <br />bills. <br />This program has been designed specifically to <br />offer these homeowners -who are often <br />ineligible for loan modifications or other <br />foreclosure avoidance programs - an avenue to <br />keep their home. <br />In Minnesota, the program is being promoted and <br />supported by the Minnesota Home Ownership <br />Center and Minnesota Housing, two of the state's <br />leading agencies for helping homeowners avoid <br />foreclosure. <br />EHLP Targets the Primary Cause <br />of Foreclosure in Minnesota <br />Unemployment, Underemployment, Medical Hardship <br />All Other Causes <br />Source: Minnesota Home Ownership Center 2010 counseling data <br />1NHAT DO' HOMEOWNERS NEED TO KNOW? <br />Minnesota Home Ownership Center is accepting applications from July 5 to July 22 from.-qualifying <br />homeowners>statewide who meet basic program criteria. At the close of the application period, 1,405 Minnesota <br />homeowners vrill be selected through a random lottery to participate in the EHLP. <br />To quality, homeowners must: <br />/ Have faced an income decline of at least 15 percent due to unintentional unemployment or <br />.underemployment, or medical issues <br />/ Be at least 90 days delinquent on mortgage payments <br />/ Reside in the mortgaged property <br />For more information, a program application. and submission instructions, visit www.EHLPMinneso#a.com <br />www. E H L P M i n nesota. co m <br />