An additional $58 million dollars is headed to South Carolina to help the state's hardest hit homeowners, according the U.S. Department of the Treasury.
The announcement follows last week's approval of the South Carolina State Housing Finance and Development Authority's proposal for administration and distribution of $138 million in foreclosure mitigation funds.
South Carolina joins 16 other states and the District of Columbia in sharing a total of $2 billion in additional federal assistance to help unemployed homeowners pay their mortgages as they seek work.
The states were selected for the additional funding due to high, sustained unemployment, with rates at or above the national average, over the past 12 months.
Housing officials expect to begin taking applications and distributing the money to qualified, responsible borrowers in early October. Responsible borrowers are defined in the SC proposal as homeowners who find themselves in default or foreclosure due to circumstances beyond their control. This includes job loss, underemployment (job loss followed by reemployment at substantially lower income), death of a spouse, divorce, or extensive medical expenses.
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