Keep Your Home California has received an additional $383.3 million in funding from the federal government, providing the free mortgage-assistance program with resources to help at least 12,000 more homeowners.
The U.S. Department of the Treasury announced the additional funding last month, the second phase of funding approved for Keep Your Home California from the Hardest Hit Fund during the past three months.
With the additional dollars, Keep Your Home California will continue to December 31, 2020, or until the money is used. Previously, the deadline for the federally funded program was December 31, 2017.
“The announcement of additional funding for Keep Your Home California further validates the ongoing challenges many Californians are experiencing with homeownership,” said state Treasurer John Chiang. “We are excited to have the opportunity to help many more California homeowners who are struggling with their mortgages due to unaffordable payments, unemployment, negative equity and other financial hardships.”
The additional funding comes soon after Keep Your Home California reported its two best quarters since the state-managed program started in February 2011. Keep Your Home California issued more than $95 million in funding during the third and fourth quarters of 2015 – or a combined $190 million-plus for the second half of last year.