Updated March 5 at 6:05pm

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HOUSING

R.I. lands $634,000 for foreclosure prevention

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WASHINGTON – Rhode Island will receive $634,342 from NeighborWorks America’s national Foreclosure Mitigation Counseling program, announced U.S. Sen. Jack Reed on Thursday.

The money comes in addition to the $564,235 in NeighborWorks grants that Rhode Island received in February, bringing the Ocean State’s total 2012 funding to nearly $1.2 million.

NeighborWorks is splitting up the $634,342 between three Rhode Island counseling programs that give advice to struggling homeowners.

Rhode Island Housing will receive the bulk of the money with a $545,782 grant; West Elmwood Housing Development Corp. will receive a $63,540 grant; and Community Works Rhode Island will be awarded $25,020.

“I commend these organizations for helping homeowners and communities throughout Rhode Island,” said Reed. “The loan modification process can be difficult to navigate and these additional funds will help more Rhode Islanders get the information, assistance, and guidance they need.”

According to a report by the Urban Institute that evaluated NeighborWorks funding, troubled homeowners who received counseling lowered their monthly mortgage by an average $176, were nearly twice as likely to obtain mortgage modification and were at least 67 percent more likely to remain current on their mortgage nine months after receiving modification.

Foreclosure, NeighborWorks America, Foreclosure Mitigation counseling, Jack Reed, Rhode island, Urban Institute, Government Grants, Rhode Island Housing, West Elmwood Housing Development Corp, Community Works Rhode Island

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