CHC Allies Release Foreclosure Prevention Programs

With the mortgage and credit crisis becoming an issue across the nation, many organizations are putting together programs to address the threat for foreclosure to low-income families.

The Federal Home Loan Bank of San Francisco announced last week that it is developing a new affordable housing set-aside program, the Homeownership Preservation Subsidy (HPS) program, to help provide a long-term solution for low- to moderate-income homeowners who are at risk of losing their homes because of increases in their monthly mortgage payments. The Bank’s HPS program will enable its member financial institutions to offer relief to their customers in situations where an existing loan held by the member can be restructured to remain affordable for the homeowner.

For more information and to read the full press release visit the FHLBS website at: http://www.fhlbsf.com/about/news/releases/2008/pr159.asp

Also, The California Reinvestment Coalition (CRC) is undertaking an extraordinary effort to match the extraordinary homeownership crisis in California. The California Home Ownership Preservation Initiative is a two-year grant Initiative to expand the availability of foreclosure intervention counseling services through community-based nonprofit housing counseling with at least one year of experience in providing housing counseling services. It is targeted to lower-income mortgage borrowers in trouble.

CRC has worked with financial corporations and foundations to raise $4.6 million thus far. The partners in the Initiative are Merrill Lynch, HSBC-North America, Wachovia Corporation, Comerica Bank, Wells Fargo Bank, Countrywide Financial Corporation, Citi, Bank of America, San Francisco Foundation and California Community Foundation. CRC is continuing its fund-raising efforts in hopes of increasing the funds available.

Click here for the Request for Proposals for the Initiative:
http://www.nonprofithousing.org/attachments/CHOPI_RFP.pdf

Click here for the budget template:
http://www.nonprofithousing.org/attachments/CHOPI_Budget_Template.xls

Click here for the cover sheet:
http://www.nonprofithousing.org/attachments/CHOPI_Cover_Sheet.doc

CRC and its partners look forward to receiving a number of excellent proposals. Proposals are due by Friday,**February 8, 2008**.

If you have any questions, please contact:
Alan Fisher
California Reinvestment Coalition
474 Valencia St., Ste. 230, San Francisco 94102
(415) 864-3980