The COVID-19 pandemic worsened existing inequalities across the United States. Unfortunately, many families and individuals across the U.S. continue to face job loss, financial instability and the threat of homelessness. A report by the Consumer Financial Protection Bureau (CFPB) shows that Black and Hispanic mortgage borrowers are more likely to be delinquent or in a forbearance program compared to white borrowers.
The American Rescue Plan Act of 2021 was signed into law by President Biden on March 11, 2021, in order to address these issues and stabilize our homes and communities. The legislation charged NeighborWorks America with designing and administering a national, $100 million housing counseling program that would provide grants to support housing counseling for households facing housing instability, such as eviction, default, foreclosure, loss of income or homelessness.
We designed the Housing Stability Counseling Program, with the help of a diverse set of stakeholders, to meet the needs of residents facing housing instability and ensure funds are released to housing counseling agencies throughout the nation as quickly as possible.
Read recent stories about the program's impact:
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HSCP Outcomes at a Glance
The Housing Stability Counseling Program has a track record of making a real difference in the lives of individuals and families. Here are some of our outcomes!
- HSCP Grantees have reported approximately 91,833 clients (50.2% homeowners and 49.8% renters) as of May 22, 2024.
- 5.4% of all clients reported “homelessness” as a reason for housing instability.
- Per the American Rescue Plan Act of 2021, not less than 40 percent of appropriated funds shall be provided to counseling organizations that (1) target housing counseling services to minority and low-income populations facing housing instability; or (2) provide housing counseling services in neighborhoods having high concentrations of minority and low-income populations.
- 80.8% of clients reported to date self-identified as a minority.
- 67.8% of clients proposed were identified as low-income clients.
- 86.9% of clients reported to date are in neighborhoods having high concentrations of minority and low-income populations based on the targeted geography.
Not Ok? That's Ok!
At NeighborWorks America, we realize that in these challenging times, too many families and individuals in our communities are at risk. Their health is at risk. Their financial security is in jeopardy and, in turn, so are their homes.
Many homeowners are struggling to make mortgage payments as a result of the coronavirus pandemic, so it's important to know your options and your rights. A vast number of homeowners have the right to a forbearnace on their mortgage for a coronavirus-related financial hardship. Contact your lender to find out if your loan qualifies. It's important to know and understand your options before you fall behind on a payment so you don't run the risk of damaging your credit.
In August 2020, an estimated
30-40 million renters
are at risk of eviction.
In FY 2022, NeighborWorks helped
18,775
people become new homeowners.