Press Release: 2019-04-23
Baker-Polito Administration Awards $1.5 Million in Foreclosure Counseling & First-time Homebuyer Education Grants
BOSTON — Today, the Baker-Polito Administration’s Division of Banks (Division) awarded $1.5 million in grants to fund first-time homeownership education programs and foreclosure prevention counseling centers throughout the Commonwealth. A total of 20 awards were made to 10 foreclosure prevention regional centers and 10 consumer counseling organizations.
Chapter 206 grants assist homeowners who are experiencing some type of financial hardship, often caused by either a loss of or reduction in income or a medical issue, as well as prospective homebuyers who are determining if homeownership is right for them. The Division administers funding of these grants with fees associated with the licensing of mortgage loan originators.
“Consumers should be aware of the rights afforded to them when buying a first home or when facing the risk of losing their home,” said Edward A. Palleschi, Undersecretary of Consumer Affairs and Business Regulation. “These grants help ensure consumers have access to resources that can offer guidance and assistance during critical stages in their lives.”
“We are proud to fund organizations offering foreclosure counseling and homeownership education for the eleventh consecutive year,” said Acting Commissioner of Banks Merrily S. Gerrish.“Whether it is a couple purchasing their first home or a family successfully avoiding foreclosure, these grants and the work of funded non-profit organizations make a difference in communities across the Commonwealth.”
Since the inception of the grant program in 2008, the Division has awarded more than $13 million to organizations that have been able to assist over 48,000 consumers thanks to these grants. The following organizations are receiving Chapter 206 grant awards for 2019: