March 18, 2008
Southwest Solutions awarded $565,000 to fight foreclosures
Southwest Housing Solutions has been awarded a federal grant for $315,000 and another from the Skillman Foundation for $250,000 to expand and sustain its foreclosure avoidance counseling services. The organization's Housing Opportunity Center runs the program and, based on past experience, estimates that 950 homeowners will be assisted, preserving $85 million in residential real estate.
"Homeownership is the bedrock of strong and stable neighborhoods," said John Van Camp, president of Southwest Solutions, the holding company of Southwest Housing Solutions, in a statement. "The federal and Skillman grants are significant investments in the health and revitalization of Detroit, which is being threatened by the growing foreclosure crisis."
The Skillman Foundation grant will specifically allow the HOC to expand and enhance its foreclosure-prevention services into four areas of Detroit: North Central, Northwest/Brightmoor, Osborn and Cody/Rouge areas of Detroit. "We are excited about our grant to Southwest Housing Solutions,” said Skillman Foundation vice president of programs Tonya Allen in a statement. "They, by far, have the best and most effective foreclosure prevention program, and we are happy to expand their model to additional providers in our neighborhoods."
The federal grant was provided through the National Foreclosure Mitigation Counseling Program, which was created by Congress last year and is administrated through a new national non-profit, NeighborWorks America.
Southwest Housing Solution's Housing Opportunity Center began in 2004 to promote homeownership and financial literacy in the community by providing financial fitness and credit counseling, homebuyer education, home repair loans and foreclosure prevention counseling.
"We are often the last hope for families in foreclosure," said Nina Rodriguez, director of the Housing Opportunity Center, in a statement. "We work closely with homeowners and lenders to find solutions that are good for families, lenders and the community."
Detroit has been particularly hard hit by the national foreclosure crisis -- more than half of homeowners have high-interest mortgages and one in every 10 homes in the city faces foreclosure.
Source: Southwest Solutions
Writer: Kelli B. Kavanaugh