The N.C. Housing Finance Agency said Friday that the Consumer Credit Counseling Service of Forsyth and Northwestern Regional Housing Authority of Boone have been recognized for having among the highest loan approval ratings for the N.C. Home Protection Program.
The program, started in 2004 and funded by the General Assembly, provides zero-percent interest loans to qualifying homeowners who have lost their jobs due to economic downturn. Five agencies statewide were given the recognition.
The Forsyth agency had a program approval rate of 54.8 percent for the 2008-09 fiscal year, said Kathy Banks, the agency's counseling director. Banks said that about 87 percent of approved loans were for Forsyth homeowners. The rest were for homeowners in Davidson, Davie, Iredell, Rowan, Stokes and Surry counties.
The program is available to qualifying homeowners who have been laid off and looking for another job, or participating in an approved retraining program.
Assistance varies, with a maximum of $24,000 or 24 months of assistance, whichever is less. Loan repayment is deferred for 15 years, unless the home is sold, refinanced or is no longer the owner's principal residence.
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