NANAY Gets Funding For Foreclosure Initiative

Miami, FL - December 21, 2008

The Miami-Dade Office of Community and Economic Development (OCED) has approved a $100,000 budget for NANAY Community Development Corporation (NANAY-CDC, dba NANAY Housing Resource Center or NHRC) to embark on its new initiative that will provide assistance to homeowners who are seriously delinquent in their mortgage payments and are at risk of having their homes foreclosed.

The program will enable NANAY to provide up to $5,000 rescue loans for 20 low-moderate income families who are in danger of losing their homes. Priority will be given to homeowners who currently have mortgages with Miami Dade County, especially targeting Neighborhood Revitalization Strategy Areas.

Persons facing foreclosure will meet with a counselor for an assessment.  With the counselor’s assistance, an action plan will be customized to meet the needs and the reality of the client.  If the situation or issue causing the delinquency/default is a short-term or one-time event, assistance from Miami-Dade County (through this RFA) will be provided to bring the mortgage current.  The initiative also includes Foreclosure Prevention Workshops, Financial Education, Foreclosure Counseling and Loss Mitigation/Case Management. Together with their NHRC counselors, homeowners in danger of foreclosure will develop a Credit Recovery Plan to repair damaged credit, have their mortgages refinanced or recast so that the arrears are eliminated and the mortgage payments are more affordable.

The NHRC counselors are certified by the NeighborWorks® Training Institute, the national standard for homeownership counselor training throughout the country.  Counselors and management staff also have receive additional technical support, training, and resources by virtue of NHS’ designation as a NeighborWorks® Organization.  

NHRC has organized an effective team comprised of its staff—all of whom have been been trained and certified to provide foreclosure counseling as a major component of NHRC’s Homebuyer Education and Counseling activities—and has recruited Legal Services of Greater Miami to assist with loan restructuring and negotiating with lenders and loan servicers. 

NANAY Housing Resource Center (NHRC) is non-profit 501(c )(3) affiliate organization established by NANAY Inc.  to develop programs, affordable housing, counseling, education and supportive services that empower, transform and improve the lives of individuals and communities in Miami-Dade and Broward Counties. NHRC currently provides home buyer training, housing counseling, credit pre-qualification and purchase assistance services to low- and moderate income families interested in first-time home ownership, and is partially funded by the North Miami CRA. It is now pursuing a socially- driven Housing Preservation Initiative to prevent foreclosure and address other critical housing needs in North Miami.

NANAY, Inc (National Alliance to Nurture the Aged and the Youth), is a non-profit 501(c)(3) community-based organization that was formed in 1994 to provide supportive services and improve the lives of elders and youth. Free services are offered at the NANAY Community Center in North Miami, including counseling, recreational services, transport, caregiver support, health promotion program, community workshops, education, English and computer classes for elders, as well as intergenerational programs and after-school computer access for the youth. Its current funding comes from the Florida Department of Elder Affairs, Alliance for Aging, Alliance for Human Services, Miami-Dade County OCED, and North Miami CDBG.

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