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NY Times article highlights how subprime crisis leads to homelessness

In today’s issue, the New York Times published an article “Helping to Keep Homelessness at Bay as Foreclosures Hit More Families“. It highlighted, Sandra Rolon, a returning Army Reserve grandmother who bought a home with a monthly payment beyond her salary after her mortgage broker told her she could simply refinance the mortgage later and easily pay it. Now the house is in danger of foreclosure, and she may become homeless. A new program created by The New York Times Neediest Cases Fund is responding to people like Ms. Rolon during the surge in subprime lending and foreclosures. The program will help dozens of families at risk of losing their homes to foreclosure from becoming homeless by awarding grants to pay for moving costs, the first month’s rent and the security deposit at their new apartments, and other emergency expenses. Each eligible family can receive up to $10,000 as part of the Subprime Neediest Program.To read the full article click here.

by Richard W. Brown

Richard W. Brown, has more than forty-two years experience in both housing development and community organizing. Since 1991 Mr. Brown has been the Chief Executive Officer of Monarch Housing Associates, the 1995 Governor’s Excellence in Housing Award winner in the organization category.. To read more about Richard and all of our staff click here. Click here to send Mr. Brown an email.

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