WEST RUTLAND - Officials of a West Rutland-based nonprofit affordable housing organization, NeighborWorks of Western Vermont, announced that it has received $24,120 to support foreclosure prevention counseling efforts in Addison, Rutland and Bennington counties. The funds will provide more counseling to area homeowners in danger of foreclosure.
The grant to support NeighborWorks' foreclosure intervention efforts was provided by funds from the National Foreclosure Mitigation Counseling Program.
The initial funding was provided by Congress in the FY08 Consolidated Appropriations Act and additional funding was provided through the Housing and Economic Recovery Act of 2008.
A large percent of subprime mortgage holders live in Rutland County, according to a recent report by the Vermont Neighborhood Stabilization Program. As a result Rutland County is likely to face a significant rise in home foreclosure. The recent rise in unemployment is expected to make the problem worse.