Docstoc

Florida Unemployed Mortgage Relief

Document Sample
Florida Unemployed Mortgage Relief Powered By Docstoc
					        Impact Fee Review
FloridaAmerican Recovery and
    The
        Task Force
     Reinvestment Act of 2009


             Rip Colvin, Executive Director
        Lydia R. Mount, Sr. Legislative Analyst
Legislative Committee on Intergovernmental Relations
                    August 8, 2009
        LCIR Overview - Membership
       Committee is composed of 15 members
       8 Legislative appointments
    •       Senator Anthony C. ―Tony‖ Hill (Chairman)
    •       Senator Nancy Detert
    •       Senator Mike Haridopolos
    •       Senator Frederica Wilson
    •       Representative James C. Frishe (Vice-Chair)
    •       Representative Charles C. Chestnut, IV
    •       Representative Brad Drake
    •       Representative Mike Horner
       7 Gubernatorial appointments
    •       Mayor Fred Costello, City of Ormond Beach
    •       Commissioner Michael McLean, Seminole County
    •       Bill Montford, CEO, Florida Association of District School Superintendents
    •       Tom Pelham, Secretary, Department of Community Affairs
    •       Councilman Herb Polson, City of St. Petersburg
    •       Lisa Saliba, Policy Coordinator, Governor’s Office of Policy and Budget
    •       Commissioner Cyndi Stevenson, St. Johns County

                                                                                         2
                Legislative Committee on Intergovernmental Relations
                  The ARRA
           Federal Stimulus Package
 June 2009 national unemployment rate was 9.5%;

 June 2009 Florida unemployment rate was 10.6%--highest in 34 years;

 First-half of 2009 Florida had the third-highest foreclosure rate (3.08%) and second highest
  state total of foreclosure filings--RealtyTrac;

 Since the recession began in December 2007, payroll employment has fallen by 6.5 million –
  more than the combined population of Broward, Miami-Dade, and Palm Beach counties (5.53
  million in 2008);

 During the last six months, Broward County had the highest foreclosure rate within the Tri-
  County Area—up 36% from the same period in 2008 (South FL Business Journal, July 2009)

                                                                                           3
                   Legislative Committee on Intergovernmental Relations
        Federal Stimulus Package
February 17, 2009, the American Recovery and
 Reinvestment Act of 2009 (ARRA), H.R. 1,
 signed into law
$787 billion package:
accountability and transparency requirements
relief for states and local governments
preservation and creation of 3 to 4 million jobs
        Source: Congressional Budget Office

                                                                4
         Legislative Committee on Intergovernmental Relations
     Stimulus Package Overview
Of the total $787 billion:
  $499 billion – targeted spending
    oEducation/Training-$53 billion
    oEnergy-$43 billion
    oHealth Care-$59 billion
    oInfrastructure and Science-$111 billion
    oProtecting the Vulnerable-$81 billion
    oState/Local Fiscal Relief-$144 billion
    oOther-$8 billion
   $288 billion --tax relief
      Recovery.gov

                                                                   5
            Legislative Committee on Intergovernmental Relations
Stimulus Package Overview

Without stimulus funding,
states were facing a budget
shortfall of $350 billion over a
30 month period.


                                                          6
   Legislative Committee on Intergovernmental Relations
   Florida’s Portion of the
      Stimulus Package
Of the $787 billion in Stimulus
funding, Florida is targeted to receive
roughly $15.31 billion.
Includes $1.2 billion to cities and
 counties (Governor’s Office)
Projected to create or save 206,000 jobs
 over two years (Recovery.gov)
                                                           7
    Legislative Committee on Intergovernmental Relations
                                                       8
Legislative Committee on Intergovernmental Relations
General Stimulus Package Funding

 Extended COBRA election provisions by an
 additional 60 days for workers who were
 involuntarily terminated between September
 1 and enactment of ARRA. To help provide
 health insurance to needy individuals:
    Provides a 65% subsidy for up to 9 months for
     workers who have been involuntarily terminated
     between September 1, 2008 and December 31, 2009,
     and for their families.
    Contact your health care provider or former HR
     office for assistance.       Source: IRS
                                                            9
     Legislative Committee on Intergovernmental Relations
General Stimulus Package Funding

 Tax cuts for businesses and middle and
 low-income Americans
    Cuts taxes for more than 95% of working families
    2009 and 2010 -- refundable tax credit of up to $400
     for working individuals and $800 for working
     families
    Phased out for single taxpayers with AGI of over
     $75,000 ($150,000 for married couples filing
     jointly)
           Source: U.S. Senate Finance Committee


                                                            10
     Legislative Committee on Intergovernmental Relations
General Stimulus Package Funding

New set of withholding tables structured to
 get a tax credit to America’s workers in
 cash over the course of the year.

Families should see at least a $65 per month
 increase in take home pay.
           Source: Office of Speaker Nancy Pelosi




                                                             11
      Legislative Committee on Intergovernmental Relations
   General Stimulus Package Funding
 Increases the higher education tax credit to a maximum of $2,500
 Increases Pell Grants available to students by $500 to a maximum
  of $5,350 in 2009 and $5,550 in 2010; students should complete
  the standard FAFSA online at: http://www.fafsa.ed.gov/ or obtain
  assistance from their institution’s office of financial aid
 Expands the Child Tax Credit to allow families to qualify with
  earnings over $3,000
 Provides a deduction for state and local sales and excise taxes paid
  on the purchase of new cars, light trucks, motor homes, and
  motorcycles after February 16, 2009 through December 31, 2009.

       Sources: IRS, Recovery.gov and Miami-Dade County Recovery


                                                                    12
             Legislative Committee on Intergovernmental Relations
      $250 One-Time Payment

If, in November 2008, December 2008, or January
 2009, you were eligible for:
   Social Security
   Supplemental Security Income
   Railroad Retirement
   Veterans’ Benefits
You may have been eligible for the one-time
 payment (received by the end of May 2009)
            Source: Social Security Administration

                                                                13
         Legislative Committee on Intergovernmental Relations
    Refundable First-Time Home Buyer Tax
              Credit: Overview
• Program was initially passed last year, but some provisions have
  changed.
• You are considered to be a first-time homebuyer if you, and your
  spouse if you are married, did not own any other main home during
  the three-year period ending on the date of purchase.
• The credit:
   –   Applies to purchases that close after April 8, 2008, and before December 1, 2009.
   –   Applies only to homes used as a taxpayer's principal residence.
   –   Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
   –   Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they
       owe no tax or the credit is more than the tax owed.
• The credit phases out for taxpayers with adjusted gross income in
  excess of $75,000 ($150,000 in the case of a joint return).
                                                            Source: Internal Revenue Service
                                                                                                14
                   Legislative Committee on Intergovernmental Relations
  Refundable First-Time Home Buyer Tax
      Credit: 2008 or 2009 Purchase
• There are significant differences between the credit: dependent
  upon whether the home was purchased in 2008 or 2009.
• For 2008 Purchases…
   – The credit applies to ten percent of the purchase price of the home; can be
     worth up to $7,500; and must be repaid over 25 equal, annual installments
     starting in the 2010 tax year.
• For 2009 Purchases…
   – The credit still applies to ten percent of the purchase price of the home but
     can be worth up to $8,000 and the repayment requirement has been
     removed if you stay in the house for longer than 3 years.
   – The credit can be claimed on a 2008 tax return by filing an amendment or
     can be claimed on the 2009 tax return due April 15, 2010.
                                                     Source: Internal Revenue Service

                                                                                     15
              Legislative Committee on Intergovernmental Relations
 Refundable First-Time Home Buyer Tax
Credit: Potential Repayment Requirement
• An obligation to repay the credit on a home
  purchased in 2009 arises only if the home ceases
  to be your principal residence within 36 months
  from the date of purchase.

• The full amount of the credit received becomes
  due on the tax return for the year the home ceased
  being your principal residence.
                                     Source: Internal Revenue Service


                                                                        16
        Legislative Committee on Intergovernmental Relations
Refundable First-Time Home Buyer Tax
     Credit: Recent Developments
• On May 29 Housing and Urban Development Secretary Shaun
  Donovan announced that the Federal Housing Administration (FHA)
  will allow homebuyers to apply the Obama Administration's new first-
  time homebuyer tax credit toward the purchase costs of a FHA-insured
  home.
• State Housing Finance Agencies and certain non-profits can
  ―monetize‖ up to the full amount of the tax credit (depending on the
  amount of the mortgage) so that borrowers can immediately apply the
  funds toward their down payments.
• For private lenders, can be applied to down payment in excess of 3.5
  percent of appraised value, or their closing costs, which can help
  achieve a lower interest rate. Previously, the law did not permit
  approved lenders to monetize the tax credit to meet the required 3.5
  percent minimum down payment.
                                  Source: Federal Housing Administration

                                                                           17
          Legislative Committee on Intergovernmental Relations
  Refundable First-Time Home Buyer
         Tax Credit: Notes
• This is not a grant.

• Prospective buyers should first consult a lender of choice
  to become pre-qualified for a home loan.

• The lender will determine if a prospective buyer is eligible
  for a loan and the amount.

• The lender should be able to refer prospective buyers to
  any community resources for down payment assistance.

                                                                 18
         Legislative Committee on Intergovernmental Relations
            Stimulus Funding
         State Fiscal Stabilization
 ARRA provides $53.6 billion in grants to governors to
  ―prevent tax increases and cutbacks in critical education
  and other services.‖ Assurances by the Governor are
  required:
    Equity in teacher distribution
    Establishment of a longitudinal data system described in the
     COMPETES Act
    Improving academic assessments for English language learners
     and students with disabilities
    Ensure compliance with corrective actions required for low-
     performing schools.
               Source: ARRA

                                                                    19
         Legislative Committee on Intergovernmental Relations
           Stimulus Funding
        State Fiscal Stabilization
Due to the economic downturn’s impact on
 Florida, a waiver was requested by the
 Governor and approved by the U.S. DOE
 on May 12th.
 Florida received an initial $1.8 billion to
 help school districts statewide.
Another $891 million will become
 available this fall.
                                                               20
        Legislative Committee on Intergovernmental Relations
      Infrastructure Background
$136 billion worth of projects are ready to go nationally.
Florida needs $7 billion for 92 projects.
Funding for roads, waterways, bridges, mass transit,
 aviation, and improved energy efficiency for public
 buildings.
March 3, $26.6 billion released to states and local
 governments for repairs to roads and bridges. Florida
 received $1.346 billion. [$1 billion obligated by June 25]
March 5, $8.4 billion was released for public transit.
 Florida’s allocation is $316 million.
      Source: U.S. DOT
                                                                    21
             Legislative Committee on Intergovernmental Relations
    HUD Funding for Florida
 February 25, 2009, HUD announced state allocations
   of $10 billion in formula grant funding:
    Public Housing Capital Fund
    CDBG ($7.5 million to Florida DCA and $36 million going
    directly to locals)
    Native American Housing
    Lead Hazard Reduction
   Tax Credit Assistance Program
   Project-Based Rental Assistance
   Homelessness Prevention Fund
   Florida’s Allocation: $385 million
                  Sources: HUD and DCA
                                                                 22
          Legislative Committee on Intergovernmental Relations
Stimulus Funding for Florida
      Weatherization
The ARRA directs $175.9 million to Florida for
the Weatherization Assistance Program (WAP), to
help reduce the monthly energy burden of low-
income households by improving the energy
efficiency of homes.
Available through September 30, 2012
U.S. DOE released 10% of state funding in March
Additional 40% of funding (for more than 19,000
 homes) was released in June following approval of the
 state’s application
Source: U.S. Department of Energy
                                                             23
      Legislative Committee on Intergovernmental Relations
Stimulus Funding for Florida
      Weatherization
Available WAP Services:
Repair/replace heating and cooling units
Weather stripping, caulking, and
 window/door thresholds replacement
Repairs to walls, ceilings, and doors
Repair or replace water heaters
Install attic ventilation and solar screens
Source: Florida Department of Community Affairs
                                                             24
      Legislative Committee on Intergovernmental Relations
     Stimulus Funding for Florida
           Weatherization
To be eligible for WAP services:
     Household income may not exceed 200% of the FPL
     Preference will be given to owner-occupied homes, individuals over
       60, physically disabled residents, and families with children under
       12—having high utility bills
     The maximum amount per dwelling is $6,500
     Contact the Miami-Dade County Community Action Agency at
       (786) 469-4600
     Contact the Broward County Minority Builders Coalition at
       (954) 792-1121
     Contact the Indiantown Non Profit Housing (Palm Beach County) at
       (772) 597-3667
                   Source: FlaRecovery.com and DCA
                                                                             25
              Legislative Committee on Intergovernmental Relations
     Stimulus Funding for Florida
 As of April 1, 13.6% Food Stamp Increase Though FY 2010
    $879 million for 1.8 million Floridians
    Equals an increase up to $24 monthly
    Contact the Florida Department of Children and Families for
     assistance
    May also apply online at:
     http://www.myflorida.com/accessflorida/
 Food Stamp Administration
   $20.7 million
 Community Health Center Grants
   $10.1 million released on March 2
              Source: Federal Funds Information for States
                                                                   26
            Legislative Committee on Intergovernmental Relations
       Stimulus Funding
   Unemployment Compensation
The     ARRA      continues     the    Emergency
Unemployment Compensation Program through
December 31, 2009, which provides up to 33
weeks of extended unemployment benefits to
workers exhausting their regular benefits. The Act
also increases unemployment weekly benefits by
an additional $25 through 2009. States began to
make the extra payments as early as the week of
March 1, 2009.
         Source: U.S. Senate Finance Committee
                                                            27
     Legislative Committee on Intergovernmental Relations
    Stimulus Funding for Florida
    Unemployment Compensation
 Unemployment State Administration
   $31.7 million
 Additional $25 Weekly in UC Payments
   $345 million
 Extension of UC Benefits
   $1 billion

         Sources: FFIS and Governor’s Office


                                                               28
        Legislative Committee on Intergovernmental Relations
   Stimulus Funding for Florida
   Unemployment Compensation
In one year, monthly UC Benefits increased 269%.
 $142.6 million in benefits paid in April 2008;
 $527 million in UC benefits paid in April 2009.
Extended UC benefits are estimated to bring an
 additional $418 million to serve 250,000 eligible
 claimants.
As of July 2, the Agency for Workforce Innovation
 received more than 73,000 applications for extended
 benefits.
                     Source: Agency for Workforce Innovation
                                                                29
         Legislative Committee on Intergovernmental Relations
      Extended Unemployment
             Benefits
 Extended Benefits will provide up to 33 additional weeks of
  benefits.
 Provides some claimants an initial payment up to $5,100
  retroactive from February 22, 2009.
 Payments will equal the standard amount that claimants may
  qualify for (up to $275/week) and the extra $25/week for all
  recipients.
 HOWEVER, the last week which Extended Benefits can be paid
  is the week ending June 5, 2010.
             Source: Agency for Workforce Innovation

                                                                  30
           Legislative Committee on Intergovernmental Relations
   Extended Benefits Eligibility
 Become totally or partially unemployed.
 ―Exhaust all entitlement to regular and emergency
  unemployment compensation (EUC) benefits prior to February
  22, 2009,‖ but your benefit year ends after February 22, 2009.
 Exhaust all entitlement to regular and emergency unemployment
  compensation benefits after February 22, 2009.
 Ineligible for unemployment compensation benefits in any other
  state (including Puerto Rico, the Virgin Islands, the District of
  Columbia) or Canada.

              Source: AWI

                                                                      31
            Legislative Committee on Intergovernmental Relations
   Extended Benefits Eligibility
Satisfy all requirements of the Florida UC Law that
 apply to regular UC and EB, such as being able and
 available for work, and have not been disqualified from
 receiving benefits based on your reason for separation.
Actively seek work for each EB week claimed and
 provide the work search record as instructed.
Do not refuse an offer of suitable work or fail to apply
 for suitable work.

            Source: AWI
                                                                 32
          Legislative Committee on Intergovernmental Relations
 Temporary Suspension of Taxation
    of Unemployment Benefits
 Federal unemployment benefits are subject to
  taxation.
 ARRA temporarily suspends federal income
  tax on the first $2,400 of unemployment
  benefits per recipient.
 This measure is in effect for taxable year 2009.
            Source: U.S. Senate Finance Committee



                                                                33
         Legislative Committee on Intergovernmental Relations
 Incentives to Hire Unemployed
Veterans and Disconnected Youth
Under current law, businesses are allowed to claim
a work opportunity tax credit equal to 40 percent
of the first $6,000 of wages paid to employees of
one of nine targeted groups. The ARRA creates
two new targeted groups of prospective
employees:
 o unemployed veterans; and
 o disconnected youth.
        Source: U.S. Senate Finance Committee
                                                            34
     Legislative Committee on Intergovernmental Relations
 Incentives to Hire Unemployed
Veterans and Disconnected Youth
―Unemployed veteran‖ - discharged or released from
 active duty from the Armed Forces during the five-
 year period prior to hiring. They must also have
 received unemployment compensation for more than
 four weeks during the year before being hired.

―Disconnected youth‖ - between the ages of 16 and
 25 and have not been regularly employed or
 attended school in the past 6 months.
            Source: U.S. Senate Finance Committee
                                                              35
       Legislative Committee on Intergovernmental Relations
  Florida Agency for Workforce
 Innovation Contact Information
Unemployment Compensation Main
 Website - www.fluidnow.com

Unemployment Extended Benefits FAQ -
www.floridajobs.org/unemployment/EB/EB
 _FAQ.html

                                                             36
      Legislative Committee on Intergovernmental Relations
 www.fluidnow.com




                                                       37
Legislative Committee on Intergovernmental Relations
www.floridajobs.org/unemployment/EB/EB_FAQ
                     .html




                                                             38
      Legislative Committee on Intergovernmental Relations
  Access to Stimulus Funding
          Information
All announcements of federal contract and
 grant competitions and awards, along with
 formula grant allocations, posted on:
 Recovery.gov and FlaRecovery.com.
All federal grants accessible through
 Grants.gov website.
Details regarding federal benefits and
 assistance programs available at:
 GovBenefits.gov.
                                                             39
      Legislative Committee on Intergovernmental Relations
    Access to Other Funds

Federal Loans to small businesses and
 individuals are available at:
 GovLoans.gov.

Federal Contracting Opportunities are
 available at: FedBizOpps.gov.

                                                            40
     Legislative Committee on Intergovernmental Relations
The Federal Recovery Website:
        Recovery.gov




                                                            41
     Legislative Committee on Intergovernmental Relations
The Florida Recovery Website:
      FlaRecovery.com




                                                            42
     Legislative Committee on Intergovernmental Relations
Surfing for Dollars with
      Grants.gov




                                                        43
 Legislative Committee on Intergovernmental Relations
       General Workforce Related Grants for
        Which Small Businesses May Apply

Close Date   Opportunity Title                                          Agency                          Funding Number


10/08/2009   Modeling the Scientific Workforce (U01)                                                    RFA-GM-10-003
                                                                        National Institutes of Health


             Ruth L. Kirschstein National Research Service Awards for
04/14/2010   Individual Predoctoral Fellowships (F31) to Promote        National Institutes of Health PA-07-106
             Diversity in Health-Related Research

01/07/2012   Mentored Research Scientist Development Award (K01)        National Institutes of Health PA-09-040

             Manufacturing Processes of Medical, Dental, and Biological
01/07/2012                                                              National Institutes of Health PA-09-113
             Technologies (SBIR [R43/R44])

             Manufacturing Processes of Medical, Dental, and Biological
01/07/2012                                                              National Institutes of Health PA-09-114
             Technologies (STTR [R41/R42])




                                                                                                                         44
                  Legislative Committee on Intergovernmental Relations
             Recovery Act Funds for Which Small
                   Businesses May Apply
Close Date   Opportunity Title                                Agency                          Funding Number
           Recovery Act Limited Competition: Protection of
10/15/2009 Human Health by Immunology and Vaccines (U01, National Institutes of Health        RFA-AI-09-040
           U19)

             NIH Announces the Availability of Recovery Act
             Funds for SupplemeAdministrative nts Providing
                                                              National Institutes of Health   NOT-OD-09-060
             Summer Research Experiences for Students and
             Science Educators

             NIH Announces the Availability of Recovery Act
                                                              National Institutes of Health   NOT-OD-09-056
             Funds for Administrative Supplements




                                                                                                               45
                       Legislative Committee on Intergovernmental Relations
       Grants for Which Individuals May Apply
                      Directly
Close Date   Opportunity Title                                   Agency                         Funding Number

             2009 for Targeted Grants to Reduce Childhood Lead   Environmental Protection
08/14/2009                                                                                      EPA-HQ-OPPT-2009-06
             Poisoning                                           Agency

                                                                 National Endowment for the
10/01/2009 Summer Stipends                                                                      20091001-FT
                                                                 Humanities

                                                                 National Archives and
10/05/2009 Publishing Historical Records                                                        PUBLISHING-10
                                                                 Records Administration

                                                                 Office of Procurement
12/31/2009 Long Range Broad Agency Announcement                                                 BAA-09-05
                                                                 Operations - Grants Division




                                                                                                                      46
                       Legislative Committee on Intergovernmental Relations
Benefits and Assistance Programs




                                                           47
    Legislative Committee on Intergovernmental Relations
                  www.GovBenefits.gov
• Individuals are linked to a program profile and the agency that provides
  assistance after completing a 5-10 minute questionnaire which determines
  eligibility.
    – Benefits from Federal Agencies and some programs from states are profiled.
• Benefits include…
    –   Adjustable Rate Mortgage Protection from HUD
    –   the Florida Food Stamp Program,
    –   Education grants, and
    –   Medicare.
• The site has a page for community advocates to assist them in publicizing and
  using the site to help their clients. This allows the website to reach a larger
  audience than only those who have internet access.




                                                                                   48
               Legislative Committee on Intergovernmental Relations
Federal Government Loans




                                                         49
  Legislative Committee on Intergovernmental Relations
                  www.GovLoans.gov
• Eligibility is determined for loans in one of the following areas:
  agriculture, business, disaster relief, education, housing, and
  veterans.

• Loan Examples:
   –  ―7(a) Small Business Loans‖ from the SBA which ―are the most basic and most
     used type loan of SBA's business loan programs.‖
   – ―Short Term Lending Program‖ where ―The Department of the Treasury
     guarantees up to $750,000 in loans with participating lenders for eligible small
     & disadvantaged businesses.‖
• The description of each loan includes details and terms, and the
  site allows users to determine their eligibility for specific
  programs.


                                                                                        50
             Legislative Committee on Intergovernmental Relations
Federal Government Contracts




                                                           51
    Legislative Committee on Intergovernmental Relations
                     www.FBO.gov
• Multi-tiered site that has information for ―Buyers/Engineers‖
  who post opportunities and for ―Vendors/Citizens‖ who can bid
  on the contract.
• Contracting federal entities post the opportunity and it then goes
  on a list that can be searched.
• Users can…
   – maintain account profiles in the system
   – add opportunities to a "watch list" list (favorites list)
   – Receive daily update emails about changes impacting opportunities on
     their watch list, and
   – add themselves to an ―interested vendors list‖ for an opportunity.




                                                                            52
            Legislative Committee on Intergovernmental Relations
            Hope for Homeowners
• Authorized by the Economic and Housing Recovery Act of 2008.

• Expanded by the Helping Families Save Their Homes Act of 2009.
   o Became law on May 20, 2009


• Encourages lenders to write down mortgage if homeowner pays an
  insurance premium and expands eligibility. Source: LA Times

• Swap out a homeowner's high-interest rate for a 30-year fixed loan
  backed by the Federal Housing Administration. Source: National Public
  Radio



                                                                          53
               Legislative Committee on Intergovernmental Relations
Assistance for Homeowners




                                                          54
   Legislative Committee on Intergovernmental Relations
    MakingHomeAffordable.gov
• Part of a plan to ―stabilize our housing market and help up to 7 to
  9 million Americans reduce their monthly mortgage payments to
  more affordable levels.‖

• Homeowner’s HOPE™ Hotline: (888) 995-HOPE.

• Users can quickly determine eligibility, although only the servicer
  of the loan can determine if they qualify.

• Additionally, users can…
   – Connect with free counseling services, and
   – Locate homeowner events in their community.

                                                                        55
             Legislative Committee on Intergovernmental Relations
     MakingHomeAffordable.gov
• Provides help in the form of both making mortgage payments more
  affordable (refinancing and modification) and providing information
  to help individuals navigate the process (counseling and events).
• Making mortgage payments more affordable.
   – The Home Affordable Refinance Program
       • Help 4 to 5 million homeowners.
       • Loans owned or guaranteed by Fannie Mae or Freddie Mac.
       • Loan-to-Value requirement recently raised to 125%.
   – The Home Affordable Modification Program
       • Help 3 to 4 million homeowners.
       • Loans originating on or before January 1, 2009.

                                                                     56
              Legislative Committee on Intergovernmental Relations
     Recent Development
On July 28, 2009, Department of Housing and Urban
Development Secretary Shaun Donovan announced that by
August 15, Federal Housing Administration (FHA)
borrowers may be able to significantly reduce their
monthly mortgage payments by seeking a loan
modification through their current mortgage company or
loan servicer under the new FHA-Home Affordable
Modification Program (FHA-HAMP) enacted on May
20th.
    Source: U.S. Department of Housing and Urban Development

                                                               57
      Legislative Committee on Intergovernmental Relations
         Hope for Homeowners
          Contact Information
Contact:
• Your current loan servicer
• HUD’s national servicing center at (888) 297-8685
• A local, HUD-approved housing counseling agency at
  HUD.gov;
• Urban League of Broward and Palm Beach counties
    (954) 625-2570 or 2574 and (561) 833-1461-25
• The HOPE NOW Alliance at:
     1 (888) 995-HOPE; or FHA at 1 (800) CALL-FHA.
                                                                   58
            Legislative Committee on Intergovernmental Relations
               Please Note…
• Only the lender can actually alter the terms of a
  mortgage, therefore it is critical for individuals to
  work with their lender to refinance or modify their
  loan.
• Although the Federal Government is attempting to
  help homeowners avoid foreclosure, these
  programs are not grants and participants must
  meet specific criteria to qualify.



                                                               59
        Legislative Committee on Intergovernmental Relations
  Committee Contact Information
Website: www.floridalcir.gov

Mail and Phone:
          Legislative Committee on Intergovernmental Relations
          c/o Legislative Mail Services
          Tallahassee, Florida 32399-1300
          850-488-9627
          850-487-6587 – Fax
Staff Contacts:
          Rip Colvin, Executive Director
          Lydia R. Mount, Sr. Legislative Analyst
          Carolyn Horwich, Attorney
          Kaymelia Pelt, Legislative Analyst
          Thomas Zuehlke, Legislative Analyst
                                                                 60
          Legislative Committee on Intergovernmental Relations

				
DOCUMENT INFO
Description: Florida Unemployed Mortgage Relief document sample