Officials at the U.S. Department of the Treasury on Wednesday announced today that an additional $58 million has been allotted to South Carolina to help the state’s “hardest hit” homeowners.
The announcement follows last week’s approval of the state housing authority’s proposal for administration and distribution of $138 million in foreclosure mitigation funds. The state joins 16 other states and the District of Columba in sharing a total of $2 billion in additional federal assistance to help unemployed homeowners pay their mortgages. South Carolina was among those selected due to its high unemployment.
South Carolina is considered among the nine original hardest hit states. That list also includes California, Florida, Michigan, Nevada, North Carolina, Ohio, Oregon and Rhode Island.
Housing officials expect to begin taking applications and distributing these funds to qualified borrowers in early October, specifically homeowners who find themselves in default or foreclosure due to circumstances beyond their control, including job loss, medical expenses or death of a spouse.