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Three CUs get grants for foreclosure relief programs
CINCINNATI (9/17/08)--The Federal Home Loan Bank (FHLB) of Cincinnati awarded a $200,000 grant Monday for mortgage relief programs in Ohio. The “Preserving American Dream” grant for mortgage counseling and foreclosure mitigation was among seven grants totaling $1.3 million to help distressed homeowners in 44 counties throughout Ohio. The $200,000 in private funding was awarded to seven financial institutions led by Wright-Patt CU, a $1.380 billion asset, Fairborn-based credit union, for homeowners in Montgomery, Greene, Clinton, Darke, Fayette, Miami, Preble and Shelby counties. Other participating credit unions include River Valley CU, a $148.5 million asset, Miamisburg-based credit union; and Universal 1 CU Inc., a $288.4 million asset, Dayton- based credit union. FHLB of Cincinnati President David Hehman announced the grants Monday. “Our members and housing partners told us of the difficulties they had coping with foreclosures in their communities,” he said. “In many cases, the homeowners needed just a few thousand dollars to become current on their mortgages and stay in their homes. We created Preserving the American Dream as one thrust of a larger effort to deal with foreclosures in our district.” “Bringing greater financial opportunities to the residents of the Miami Valley is an important role for Wright-Patt CU,” said Doug Fecher, Wright-Patt president/CEO. “For a lot of people, home ownership is one of the best ways to build personal wealth. Unfortunately many are watching this personal wealth disappear as they struggle to keep their homes,” he added. “This grant will help Dayton area families sustain home ownership and protect their wealth.” The FHLB of Cincinnati has a congressional mandate to devote 10% of its annual profits to the Affordable Housing Program. Through this program, up to $3,500 will be made available to help a homeowner receive foreclosure prevention counseling or benefit from other foreclosure mitigation steps. The funding is made available through FHLB of Cincinnati member financial institutions to qualifying nonprofit housing counseling agencies that provide foreclosure/loss mitigation counseling services in the area.
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