$4 Million in HomeCorps Grants Awarded to Address Foreclosure Crisis Across the Commonwealth
Funding a Result of Multi-State Settlement with Five National Banks in Connection with Illegal Foreclosures and Loan Servicing
BOSTON — A total of $4 million in HomeCorps grants have been awarded to 18 organizations across the Commonwealth to help address the foreclosure crisis, Attorney General Martha Coakley announced today. The grant funding will assist homeowners and renters impacted by the foreclosure crisis, revitalize distressed and blighted neighborhoods, and guard against future financial harm. The funding is the result of a nationwide settlement involving the nation’s five largest mortgage servicers and their connection with unlawful foreclosures and loan servicing.
The Crisis Response Innovation Grants, a component of AG Coakley’s HomeCorps program, support a wide variety of foreclosure prevention and mitigation services across the Commonwealth. They are the latest in a series of HomeCorps Partnership Grants which fund loan modification assistance, free direct legal representation to distressed borrowers and post foreclosure stabilization assistance to families, as well as efforts to help communities recover from the foreclosure crisis by addressing abandoned housing and mitigating neighborhood blight.
“Our economy will never fully recover until we address the impact of the foreclosure crisis,” AG Coakley said. “These grants are designed to help strengthen struggling communities, provide direct assistance to distressed borrowers, and avoid unnecessary foreclosures. The organizations receiving these funds are doing work that is a critical part of those efforts.”
The 18 organizations listed below are receiving Crisis Response Innovation Grants:
- Arlington Community Trabajando, Inc. (ACT)
- Cambridge Neighborhood Apartment Housing Services
- Caritas Communities
- Catholic Social Services
- Chelsea Restoration Corp.
- City of Boston Dept. of Neighborhood Development
- Ecumenical Social Action Committee, Inc. (ESAC)
- HAP, Inc.
- Homeowner Options for Massachusetts Elders (HOME)
- Housing Assistance Corporation
- Massachusetts Law Reform Institute
- Merrimack Valley Housing Partnership, Inc.
- Neighborhood Assistance Corporation of America
- Neighborhood Housing Services of the South Shore
- Neighborhood of Affordable Housing, Inc. (NOAH)
- Oak Hill CDC, Worcester
- The Legal Services Center of Harvard Law School
- The Midas Collaborative
In August, more than $19 million HomeCorps grant initiatives were awarded to organizations and municipalities across the Commonwealth, including grants to the Massachusetts Association for Community Action, the Massachusetts Legal Assistance Corporation, the National Consumer Law Center, and $5.8 million in Municipal and Community Restoration Grants.
Funding for the these grants comes from the $44.5 million in funds obtained for Massachusetts as part of the national settlement with Bank of America, JP Morgan Chase, Wells Fargo, Citigroup and GMAC/Ally. According to the settlement signed in April by a federal judge, the banks are also ordered to provide an estimated $14.6 million in cash payments to Bay State borrowers and $257 million worth of mortgage relief across the Commonwealth.