Millions for foreclosure prevention unspent in RI - ABC6 - Providence, RI and New Bedford, MA News, Weather

Millions for foreclosure prevention unspent in RI

PROVIDENCE, R.I. (AP) - Only about one-third of the more than $79 million available from a federal foreclosure prevention program in Rhode Island has been committed to help struggling homeowners.
 
Rhode Island Housing says about $25 million in Hardest Hit Fund money had gone to nearly 1,700 homeowners by the end of May. Officials say $6 million in assistance to 300 more homeowners is in the pipeline.
 
Rhode Island Housing says the program got off the ground slowly and fewer people applied than expected but that the program has ramped up. All the money is expected to be allocated within 18 months.
 
Rhode Island has one of the country's highest foreclosure rates.
 
The Hardest Hit Fund was established in 2010 to provide assistance to states most affected by the housing and economic downturns.

If you are interested in the program or would like any home ownership advice and information, you can visit this web site here: http://www.rhodeislandhousing.org/