Senator Chris Dodd (D-CT), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, welcomed new federal funding for Connecticut organizations that provide counseling and legal assistance to families facing the threat of foreclosure.  The grants, which were announced today by NeighborWorks America, will provide $681,230 to the Connecticut Housing Finance Authority and $202,536 to the Neighborhood Housing Services of New Haven.  Several national organizations with offices in Connecticut will also receive large grants. 

“This fall, we saw the number of homes in Connecticut receiving foreclosure notices drastically increase by almost 135%. This funding for Connecticut organizations who offer foreclosure counseling and assistance will go a long way in helping those in our state facing the grim reality of losing their home. The root of the financial crisis is the foreclosure crisis and while this funding is welcome news, much more must be done to address this growing problem.”

These grants were made possible by the Housing and Economic Recovery Act, which Dodd co-authored and Congress approved earlier this year.  The legislation included a provision to authorize $180 million in additional funding for housing counseling and legal services for distressed borrowers.  More information about the grants is available on NeighborWorks America’s website:  http://www.nw.org/nfmc.

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