MSHDA seeks communities help to spread word about Step Forward homeownership program
Posted on May 18, 2018 by
Our friends at MSHDA asked the Michigan Municipal League to help them spread the word about this home ownership program:
From Michigan State Housing Development Authority:
Since 2010, the Step Forward Michigan program has been helping Michiganders recover from the recession and foreclosure crisis of the last decade. Assistance with interest-free loans to help with mortgage payments, condominium fees or property taxes is still available, and there may be people in your communities who still could use a hand up.
To learn how your community can share details about Step Forward, click here for a sample newsletter letter article, shareable graphics and more.
While foreclosure rates are down, fear of foreclosure is still a terrifying reality for many Michigan homeowners. A health emergency, a layoff, a divorce – each of these can cause a homeowner to fall behind on mortgage or property tax payments. Michigan’s economy is on the mend, but many families are still struggling. Step Forward Michigan is dedicated to helping Michigan homeowners get back on their feet and retain ownership of their homes.
Federally funded through Michigan’s Hardest Hit Fund program, Step Forward Michigan offers up to $30,000 in interest-free loans for Michigan homeowners who have fallen on hard times. To qualify for assistance, a homeowner must have experienced an involuntary qualifying hardship. Examples of qualifying hardships include medical emergencies, job loss, or divorce.
Besides being interest free, a loan through the Step Forward Michigan program requires no monthly payments and is forgivable over a five-year period at a forgiveness rate of 20 percent per year. After the homeowner lives in the house as his or her principal residence for five years, the loan will be forgiven.