In an effort to help the people who have been devastated from the housing collapse and the resulting economic downturn, Ohio has joined a multi-state study of the health, social and economic effects of people about to be foreclosed upon through no fault of their own. The study is part of recent federal efforts to prevent foreclosure among the unemployed that were doing fine before the collapse.
One of six grants provided nationally by the John D. and Catherine T. MacArthur Foundation was recently awarded to The Ohio Housing Finance Agency to provide funding in their part of the study. The goal is to find how the economic downturn has affected these otherwise stable homeowners and the different ways the government can provide assistance.
The study will appraise the efficiency of the federally funded mortgage payment assistance for out of work homeowners and hopes to go beyond preventing foreclosures to get people back on their feet again. The economic downturn has affected people on many levels and the John D. and Catherine T. MacArthur Foundation has provided a total of $2.8 million for its How Housing Matters initiative.
The initiative is assessing housing’s impact on communities, families and children. The U.S. Department of Treasury’s Hardest Hit Fund is the main focus of the study’s scheme. The Treasury’s Hardest Hit Fund will be providing financial assistance to states where families were most impacted by the downturn of the housing market. Ohio has received a $460,000 grant and $570 million for its Save the Dream Ohio program.
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