Earlier this year,
The Economic Impact of Keep Your Home California: A Statewide and Regional Analysis was authored by Dr. Joseph C. Von Nessen, a Research Economist at the University of South Carolina, Darla Moore School of Business.
The report analyzed Keep Your Home California funding data from 2010 to 2015 and found that for every dollar issued to help homeowners through the mortgage assistance program, a total of two dollars worth of economic activity is preserved within the state's economy. Recently, Dr. Von Nessen completed an updated version of the report, which now includes 2016 data.
As was the case with the initial report, the statewide multiplier remained at 2.0. The economic impact of Keep Your Home California increased by over $500 million with the additional year of data included, to a total of $3 billion.
The charts and infographics highlighting the report findings on the
economic impact report webpage have been updated to reflect the most current results. The webpage also includes updated economic impact data for California's cities and counties.
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Keep Your Home California Program Updates Implemented in August
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Earlier this month, some important updates were made to multiple Keep Your Home California programs. The changes and the different programs they affect are listed below:
- Mortgage Reinstatement Assistance Program - Homeowners can now qualify for the program more than once, provided they can demonstrate a subsequent hardship. Previously, the program was available on a one-time basis.
- Principal Reduction Program - Severe negative equity is defined as a loan-to-value ratio (LTV) of 115% or greater. Previously, severe negative equity was 120% LTV or greater.
You can find more information about all five of the Keep Your Home California programs, including the Summary Guidelines for each program, on the Programs webpage.
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Funding
(as of August 30, 2017)
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Programs
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Homeowners Assisted
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Total Amount Distributed
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Unemployment Mortgage Assistance
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$862,516,208.49
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Principal Reduction Program
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$727,734,877.27
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Mortgage Reinstatement Assistance Program
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$202,082,606.39
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Reverse Mortgage Assistance Pilot Program
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684
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$8,766,271.06
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Transition Assistance Program
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$3,716,994.94
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Total Program
Funds Allocated
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$1,804,816,958.15
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Free Workshops on Housing Rights and Responsibilities
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One of Keep Your Home California's partner HUD-approved housing counseling agencies will be hosting a series of free workshops about housing rights and responsibilities.
The Inland Fair Housing and Mediation Board will hold the workshops in various locations across the inland empire during the month of October. Attendees will be able to learn about federal and state housing laws as well as various other topics.
For more information, please visit Inland Fair Housing and Mediation Board's Upcoming Events webpage.
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Homeowners can benefit from multiple programs with Keep Your Home California
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Sometimes bad luck can hit more than once. A cut in pay, job loss, divorce, or extraordinary medical expenses from a serious health issue, can occasionally come in waves.
Just ask anyone who has lived more than a couple of decades. Life is indeed a comedy - and a tragedy.
The free mortgage-assistance program was designed to help homeowners who are having difficulty paying their mortgages due to financial hardships - multiple times, if needed.
In fact, about one of every six homeowners approved for Keep Your Home California has used the federally funded program at least twice.
Read More
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Saving communities, traditions are another benefit of Keep Your Home California
Keep Your Home California is helping Jose R. with his mortgage - and it may very well have saved a neighborhood tradition.
"We brought something special to this community," says Jose, who moved from Mexico for work and bought his Los Angeles-area home in 1998.
For almost two decades, Jose and his family have hosted a posada celebration during the holiday season, a longtime tradition in Mexico. Posada is a ritual re-enactment of Mary and Joseph's search for lodging in Bethlehem performed just before Christmas.
Family, friends and neighbors attend the celebration every year, Jose says. Half are outside representing Joseph and Mary asking for shelter. The other half are inside, playing the role of innkeepers. Food, drinks, songs and dancing are all part of posada.
"All of the (neighborhood) kids have grown up with this memory," says Jose, who has two adult sons. "It's a very nice moment, very special."
Read More
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Monthly Question & Answer
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Q: I have a mortgage on a duplex. I live in one unit and rent the other unit. Am I eligible for a Keep Your Home California program?
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A: Yes. Mortgages on two, three and four-unit properties are eligible as long as you occupy one unit as your primary residence.
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Water Saving Tips
Request a free landscape audit from your local water supplier.
Monitor your bill and water meter to determine unusually high use and possible leaks.
For more tips on what you can do to save water, please visit the
Save Our Water
website.
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