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u ^^ ,,, ~I <br />~~ ^^ <br />Minnesota Minnesota t , <br />Housing Homeownership <br />,~~~;~~Y;~~~, Center <br />The Emergency Homeowners' Loan Program (EHLP) is afirst-of-its-kind federal program focused on <br />keeping families in their homes during difficult economic times. The program, developed by the U.S. <br />Department of Housing and Urban Development (HUD), will offer unprecedented mortgage assistance <br />to Minnesota homeowners in danger of foreclosure because of involuntary unemployment, <br />underemployment, or medical issues. <br />HUD has set aside almost $56 million for this program in Minnesota, which will provide up to $50,000 in <br />interest-free forgivable loans to more than 1,400 selected qualifying homeowners statewide. <br />ADDRESSING THE GREATEST NEED <br />More than two thirds of Minnesota <br />homeowners who seek foreclosure <br />counseling report falling behind on their <br />mortgage because of unemployment, <br />underemployment or medical bills. <br />This program has been designed specifically <br />to offer these homeowners -who are often <br />ineligible for loan modifications or other <br />foreclosure avoidance programs - an <br />avenue to keep their home. <br />In Minnesota, the program is being <br />promoted and supported by the Minnesota <br />Homeownership Center and Minnesota <br />Housing, two of the state's leading agencies <br />for helping homeowners avoid foreclosure. <br />EHLP Targets the Primary Cause <br />of Foreclosure in Minnesota <br />® Unemployment, Underemployment, Medical Hardship <br />^ All Other Causes <br />Source: Minnesota Homeownership Center 2010 counseling data <br />WHAT DO HOMEOWNERS NEED TO KNOW? <br />The Minnesota Homeownership 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 <br />Minnesota homeowners will be selected through a random lottery to participate in EHLP. <br />To qualify, homeowners must meet several criteria, including: <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.EHLPMinnesota.com <br />www. EHLPMinnesota.com <br />