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Published October 09 2010

North Dakota receives $1.3M housing grant

WASHINGTON – The U.S. Department of Housing and Urban Development has awarded an Emergency Homeowners Loan Program grant for $1.3 million to North Dakota to provide bridge loans to homeowners struggling with home payments.

The zero-interest loans will provide assistance for up to two years to North Dakota homeowners at risk of foreclosure who through no fault of their own have experienced a substantial reduction in income due to unemployment, underemployment or a medical condition.

The loans will provide eligible homeowners with up to $50,000 to help with payments of arrearages, monthly mortgage payments, insurance premiums, taxes and hazard insurance.

HUD will begin taking applications from North Dakota homeowners by the end of the year.