Description: The National Foreclosure Mitigation Counseling (NFMC) Program is designed to support the provision of foreclosure intervention counseling services on a short-term basis by HUD-Approved Housing Counseling Intermediaries, State Housing Finance Agencies (HFAs), NeighborWorks Organizations (NWOs) and other housing counseling agencies with whom they contract. Funds will be awarded to Applicants with Demonstrated Experience in foreclosure intervention and loss mitigation counseling.
Funding Title: National Foreclosure Mitigation Counseling Program (NFMC)
Agency Name: NeighborWorks America
Funding Instrument Type: Grant
Express Language for Legal Aid: Yes
Target Population: Persons facing foreclosure
Cost Sharing or Matching Requirement: Award recipients must match the funding they receive from the NFMC Program. Recognizing the limits of time and financial resources, match requirements are defined as follows:
• Applicants must provide a 20% match for $500,000 or less in funding received from the NFMC Program. For funding in excess of $500,000 the required match rate drops to 10%. For example, an Applicant applying for $1 million in funds would be required to demonstrate a match of $150,000 in cash and/or in-kind resources.
• Match can be cash or in-kind (e.g., staff time, office space, volunteer time, donated equipment, etc.).
How to Apply: The application must be completed online, using NeighborWorks’ GrantWorks system. No paper applications will be accepted. The application will incorporate short answer sections and templates to help expedite the application process.
Current Closing Date for Applications: November 18, 2014
Award Ceiling: $5,000,000
Award Floor: $50,000
Eligible Applicants: NeighborWorks anticipates there being two categories of eligible Applicants, as follows:
1) Intermediaries that have been approved as Housing Counseling Intermediaries by HUD on or before 8:00 P.M. EST on November 18, 2013 (the application due date), and State Housing Finance Agencies. Both Intermediaries and State HFAs must have Demonstrated Experience in delivering foreclosure intervention and loss mitigation counseling services (see Definitions, #5). These Applicants’ foreclosure intervention counseling staff must not be loss mitigation/servicing staff working on behalf of a lender or mortgage finance program.
2) NeighborWorks Organizations that are existing chartered members of the NeighborWorks network have Demonstrated Experience in delivering foreclosure intervention and loss
mitigation services. NWOs must obtain their NeighborWorks charter on or before November 18, 2013 (the application due date) to be eligible. Local Housing Counseling Agencies that are not members of the NeighborWorks network cannot apply directly but must instead apply through an Intermediary or State HFA.
Priority Consideration: To date, the statutory authority for the NFMC Program mandates that the majority of the awarded funds be prioritized for use in “areas of greatest need.” These are defined as areas experiencing a high rate of defaults and/or foreclosures. Grantees will use the funds to provide mortgage foreclosure intervention and loss mitigation counseling assistance primarily in the defined Areas of Greatest Need — metropolitan statistical areas (MSAs) and rural areas with high rates of defaults and/or foreclosures (see Exhibit 1 for a list of Areas of Greatest Need for Round 8). Some of the grant funds may be utilized outside areas of greatest need.
Current/Past Funding Recipients: http://www.nw.org/network/foreclosure/nfmcp/documents/AWARDAMOUNTSbySIZE03-17-14.pdf (Round 8 – 2014)
Link to Full Announcement: http://www.nw.org/network/foreclosure/nfmcp/documents/A.Round8FundingAnnouncement100412.pdf