Boston launches fund to help homeowners avoid foreclosure
The mayor of Boston announced a new program on Thursday that would use emergency funds to help homeowners avoid foreclosure, according to The Associated Press.
Boston Mayor Kim Janey (D) framed the program as an effort to address job loss related to the coronavirus pandemic.
“The pandemic has exacerbated inequities in our city, and highlighted the importance of safe, stable housing”, Janey said in a statement, according to the AP.
The New England city will use $5 million set aside in an emergency fund for the effort, and Bostonians that are 90 days behind on their home payments are eligible to apply. Applicants will also receive instructions on how to avoid foreclosure in the future.
Oversight of the funds will be conducted with local nonprofits, according to the AP.
The city is using a federal pandemic fund to pay for the new initiative, the AP noted.
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