Division of Banks Awards Counseling Funds, as MACDC Members Lead the Way
On May 31, the Baker-Polito Administration awarded $1.05 Million in grants to fund first-time homeownership counseling programs and foreclosure prevention education centers throughout the Commonwealth. Twenty awards were made to eleven regional foreclosure prevention centers and nine consumer counseling organizations. (link to award announcement)
MACDC Members play a prominent role in providing this counseling. Of the twenty grants, thirteen were made to MACDC Members or to coalitions which include MACDC Members. From Boston to Springfield, and from Merrimack Valley to Cape Cod, CDCs are helping homebuyers acquire their first home, and assisting homeowners at risk of foreclosure in keeping their homes.
The counseling awards were created through Chapter 206 of the Acts of 2007. Since the inception of the grant program in 2008, the MA Division of Banks (DOB) has awarded more than $10 million to organizations that have assisted over 37,000 families. From data compiled by DOB, approximately 80% of households receiving foreclosure prevention counseling under the Chapter 206 awards have been able to successfully stay in their homes.
The funding made available this year is lower than the $1.3 million awarded each of the last couple of years, which creates challenges for the organizations which must maintain the effectiveness of their programs with reduced funding. However, the continued funding for this program in the face of the Commonwealth’s recent revenue challenges is testament to the effectiveness of this program and the Administration’s commitment to it. MACDC is grateful to the Administration and to the DOB for their longstanding support for this program.