On June 20, the US Department of Housing and Urban Development announced that South Dakota will be receiving $2,051,563 to assist homeowners through the Emergency Homeowner�s Loan Program (EHLP). EHLP funds are part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
South Dakota Housing Development Authority (SDHDA) was one of fifty-two grantees from NeighborWorks� America to receive funding. EHLP funds will help homeowners who are at least 90 days late on their mortgage payments, and unemployed or working fewer hours because of the economy or a medical condition.
If qualified for assistance under EHLP and selected, homeowners will be able to access an interest free loan to help pay arrearages and a portion of their monthly mortgage payments up to 24 months or $50,000, whichever comes first. Funds are limited and not all eligible applicants may receive funding.
Eligible homeowners have until Friday, July 22, to complete the pre-applicant screening worksheet. After the July 22 application date, a lottery process will be used to determine which applicants will receive funding. The worksheets are available by calling or visiting one of the following participating counseling agencies:
Consumer Credit Counseling Service of the Black Hills, 111 St. Joseph Street, Rapid City, Phone: 800.568.6615
Consumer Credit Counseling Service-Lutheran Social Services, 705 E. 41st Street, Suite 101, Sioux Falls, Phone: 800.568.2401
Inter-Lakes Community Action Partnership, 111 N. Van Eps, Madison, Phone: 800.896.4103