Boston creates fund to help homeowners avoid foreclosure

October 28, 2021 GMT

BOSTON (AP) — The city of Boston has set aside $5 million in emergency funds to help local homeowners avoid foreclosure.

Eligible residents can apply for assistance under the program, which is open to local residents who are at least 90 days behind on payments and who meet income guidelines.

Boston Mayor Kim Janey announced the program Thursday, saying it was an effort to address pandemic-related job losses and the local residents who are now struggling to make ends meet.

The city is working with local non-profit agencies to oversee the fund. Recipients will also be offered foreclosure counseling to help them learn how to avoid the risk of foreclosure in the future.

“The pandemic has exacerbated inequities in our city, and highlighted the importance of safe, stable housing”, Janey said in a statement.

Boston is using federal pandemic relief funds to pay for the program.