IN THE NEWS

San Francisco Business Times

Hawaii to get $400K grant for foreclosure assistance

HONOLULU -- Hawaii Housing Finance and Development Corp. is getting a nearly $400,000 grant to help families facing foreclosure.

Sen. Dan Inouye said in a statement Wednesday that the Hawaii Housing Finance and Development Corp. will receive $398,470 to provide foreclosure mitigation counseling and legal services.

“Families facing foreclosure are often in crisis mode, and often need neutral, informed guidance to help them be the intermediary between themselves and their mortgage companies,” Inouye said. “These funds will help local organizations provide invaluable assistance to families at risk of losing their homes.”

Congresswoman Mazie Hirono said in a separate statement that $298,470 will be used to provide free assistance to families at risk of losing their homes, help clients to understand the complex foreclosure process. The remaining $100,000 will be used to provide legal assistance to homeowners facing foreclosure. Funding is being awarded by the NeighborWorks America National Foreclosure Mitigation Counseling Program, Hirono said.

“The latest reports show that foreclosures in Hawaii have tripled over the past year. Federal assistance is now on the way for struggling island homeowners who are trying to avoid foreclosure,” said Hirono.

Sub-grantees the Legal Aid Society of Hawaii, Hawaiian Community Assets, the Hawaii HomeOwnership Center, Consumer Credit Counseling Services of Hawaii and Hale Mahaolu in Kahalui will receive the funding, Inouye said Wednesday.