NeighborWorks® America national association dedicated to the promotion of homeownership and the creation of affordable housing nationwide—said Thursday that it now has $180 million in appropriated funds for the purpose of preventing foreclosures nationwide.

The nonprofit says the money was granted to the agency as part of the Consolidated Appropriations Act, which granted the monies to NeighborWorks® America as part of its 2008 fiscal plan.
“The legislation requires that NeighborWorks® America grant at least $167,800,000 to qualifying organizations that provide mortgage foreclosure mitigation assistance primarily in states and areas with high rates of defaults and foreclosures primarily in the subprime housing market,” NeighborWorks® America said in a press statement. “The goal is to help eliminate the default and foreclosure of mortgages of owner-occupied single-family homes that are at-risk of foreclosure.”
The criteria governing the appropriations says NeighborWorks® America must “award $50 million of the funds within 60 days of the legislation’s enactment in states and areas with the greatest need.”
Click here to read more.