IHDA Foreclosure Prevention Initiatives

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1 IHDA Foreclosure Prevention Initiatives Amber Lockwood, MSW Assistant Director of Community Affairs 4/23/2013

2 Foreclosure Prevention Initiatives Community Affairs Department Illinois Foreclosure Prevention Network Foreclosure Prevention Program National Foreclosure Mitigation Counseling Program Cook County Mortgage Foreclosure Mediation Program

3 Illinois Foreclosure Prevention Network (IFPN) A cooperative system of public and private resources dedicated to breaking the cycle of home foreclosures in Illinois, launched in February Disseminates information statewide and meets the need to expand awareness and access to all the options -- local, state and federal -- available to struggling homeowners. Provides a single source for connecting citizens to the array of foreclosure prevention efforts and resources in Illinois. Over 740,000 homeowners connected to resources to date

4 Illinois Foreclosure Prevention Network (IFPN) Individual Components: Statewide Public Awareness Campaign Network to increase awareness of services available statewide Bring awareness to all events statewide Radio, newspapers, television, billboards, PSAs, etc. Counseling and Education Component Provide funds for current counseling programs and Foreclosure Education programs Bring awareness to counseling services available statewide All agencies in IHDA FP programs are part of network

5 Illinois Foreclosure Prevention Network (IFPN) Statewide Events 3 regional events previously hosted, over 1,600 attendees One-stop for all housing resources National Foreclosure Mitigation Counseling Program Hardest Hit Program Department of Employment Security Illinois Department of Financial and Professional Regulation Cook County Mortgage Foreclosure Mediation Program (if in Cook Co.) Pre and post purchase counseling May 18 Peoria Civic Center July Rockford

6 Illinois Foreclosure Prevention Network (IFPN) Statewide Housing Resource Helpline/Website KEEP-411 Guide homeowners to assistance: Local housing counseling agencies Legal Aid Foundations Hardest Hit Program Mortgage Fraud Reporting Foreclosure Prevention Network Website Department of Employment Security Housing Locator

7 Foreclosure Prevention Program Fund created by fees the plaintiff pays for each foreclosure filing Allowed the creation of IFPN Paid directly to Housing Counseling Agencies and Community Based Organizations for their services Distributed throughout state: 25% to City of Chicago for Housing Counseling Agencies within the City 25% to Housing Counseling Agencies outside Chicago 25% to Community Based Organizations outside Chicago 25% to Community Based Organizations inside Chicago

8 Foreclosure Prevention Program This program expands on and support services that agencies are already providing Eligible Uses: Pre-Purchase Housing Counseling Post-Purchase Housing Counseling Foreclosure Education Foreclosure prevention outreach programs Counselor and Employee Training Capacity building Technical Assistance Advertising and marketing of the Program

9 National Foreclosure Mitigation Counseling Program (NFMC) Federal funds distributed to Housing Counseling Agencies The intent of NFMC Program funding is to expand and supplement counseling services available to families facing default and foreclosure IHDA has received funding in all 6 rounds of the program Served nearly 28,000 homeowners since 2008

10 NFMC PREVIOUS ROUNDS Funding Round Money Awarded Number of Agencies Individuals Served Round 1 $1.573M 15 3,900 Round 2 $3.085M 26 6,196 Round 3 $1.394M 39 3,270 Round 4 $1.445M 41 3,912 Round 5 $2.27M 35 6,039 Round 6 $1.73M 30 4,407

11 Cook County Mortgage Foreclosure Mediation Program Deliver critical services to Cook County homeowners in crisis as early as possible once the foreclosure process begins. The program has four parts: outreach, a hotline, housing counseling/legal services, and court mediation. Nearly 17,000 homeowners reported since July 2009