Thu., August 12, 2010 4:25pm (EDT)

Jobless Homeowners Get Aid
By Alexandria Jud
Updated: 4 years ago

ATLANTA  —  
The government will send $127 million to Georgia to help unemployed homeowners avoid foreclosure. (photo courtesy of Jeff Turner)
The government will send $127 million to Georgia to help unemployed homeowners avoid foreclosure. (photo courtesy of Jeff Turner)
Georgia will receive $127 million from the federal government to aid jobless homeowners.

The Obama administration announced Wednesday that it will send $2 billion to the states with the worst job markets. Georgia is one of 17 eligible states whose unemployment rates have topped the national average for a year.

Currently, there is no tally on how many homeowners in the state qualify for the aid.

Phil Cottone, director of Georgia’s Office of Homeownership, says it’s too early to tell how many will benefit.

“We’re in the infancy of putting this together," Cottone says. "We just talked to the Treasury today. We’ll have to establish some certain parameters based upon the Treasury’s requirements, so I’m sure that means that we won’t be able to help everyone.”

This effort will almost double the size of the government’s Hardest Hit Fund launched this past February to prevent foreclosures. The money is coming from the $50 billion set aside for homeowner assistance as part of the Wall Street bailout.

Another $1 billion will go to a new program providing homeowners with emergency interest-free loans of up to $50 thousand for up to two years.