“The California Mortgage Relief Program has achieved remarkable success by preserving homeownership opportunities which are so vital to ensuring our most vulnerable populations have a shot at building generational wealth,” CalHFA executive director Tiena Johnson Hall said in a media release. “This program stands as a testament to CalHFA’s commitment to building a more equitable future for all Californians by guaranteeing funds are fairly allocated and prioritizing our most at-risk communities.”
The success of the program is partly attributed to its data-driven outreach and close partnerships with community organizations and consumer advocates.
More than half (55%) of the grants went to households in socially disadvantaged communities, according to CalHFA. Three in four families receiving grants are at or below 100% of Area Median Income.
Additionally, funding awarded to Black and Latino households exceeded their respective state homeownership rates, with 15% going to Black/African American households (compared to 3.8% homeownership rate) and 37% to Hispanic/Latino households (versus 25.3% homeownership rate).
“California’s Mortgage Relief Program has made a huge impact in underserved communities where families were in danger of losing their homes or hard-earned equity,” said Stacey Tutt, homeowner assistance fund coordinator at CalHFA. “We are especially impressed by how responsive the program has been to input from advocates for homeowners’ rights. This program has not just prevented foreclosures; it has preserved futures.”
Source: mpamag.com