Assembly Housing Committee Chair, Vito Lopez, Judiciary Committee Chair, Helene Weinstein, and Banks Committee Chair, Annette Robinson announced that the comprehensive job creation and economic growth plan agreed upon by the legislature and the executive during the December 2011 special session includes $1 million in state funding for the last quarter of fiscal year 2011-2012, as a stop-gap measure to help shore up the vital services of the Foreclosure Prevention Services Program that runs out of funding at the end of this year.
The Foreclosure Prevention Services Program is a highly cost-effective collaboration between legal services providers and housing counselors across the State that provides direct foreclosure prevention assistance to distressed homeowners free of charge. The Assembly Housing, Judiciary and Banks Committees held a joint hearing on November 7, 2011 regarding New Yorks ongoing foreclosure crisis and its impact on communities. Testimony at the hearing reinforced that the services of the Foreclosure Prevention Services Program are essential to saving homes, families and communities and are effective at saving the state money.
The foreclosure crisis is devastating our communities across the State. We will continue our fight to restore $25 million in state funding essential for the continued operations of this program in the next fiscal year, said Assemblywoman Weinstein.
I applaud the efforts of the Governor for including the $1 million allocation for mortgage foreclosure prevention services. One of the greatest wealth people can have is to own their own home and we treasure that. We need to continue to fight to maintain the quality of life for the people of this State Assemblywoman Robinson said.
Providing mortgage foreclosure prevention services is essential to keeping people in their homes and ensuring stability in the communities that they live in. As Chair of the Housing Committee, I have made it a commitment of mine to fight for this funding with the support of my colleagues and will continue to work with the Governor on ensuring a $25 million allocation is included in the 2012 State budget said Assemblyman Vito Lopez.
I would first like to thank Governor Cuomo, Assembly Housing Chair Vito Lopez, and Assembly Speaker Silver as well as Judiciary Chair Helene Weinstein and Banks Chair Annette Robinson for their tireless advocacy. We are incredibly grateful for the $1 million foreclosure prevention funding which will allow essential foreclosure prevention services to continue assisting homeowners across the state. Without the legal representation and housing counseling made possible by this program thousands of homeowners and their tenants would needlessly lose their homes. We look forward to working with the Governor and the State Legislature to restore full funding for the program in the upcoming budget said Meghan Faux from South Brooklyn Legal Services.