The Ohio Housing Finance Agency (OHFA) has launched a new foreclosure prevention program called Restoring Stability: A Save the Dream Ohio Initiative.
The new program will be financed by the $320 million in federal assistance that the state received through the Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets. According to OHFA, Restoring Stability was designed to assist homeowners experiencing financial hardships who have previously been unable to qualify for existing loan modification and foreclosure prevention programs.
Approximately 26,000 homeowners are expected to benefit from the program, which was created through a combined effort of the OHFA, the Office of Gov. Ted Strickland, the Ohio Department of Commerce and Save the Dream Ohio.