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After almost having to close its doors, the Connecticut Housing Finance Authority's (CHFA) Emergency Mortgage Assistance Program (EMAP) will continue to operate and will provide an additional 280 loans to homeowners facing foreclosure over the next six months, according to a recent announcement from the Office of Governor Dannel P. Malloy.
According to a letter to state Treasurer Denise Nappier from Office of Policy and Management (OPM) Secretary Benjamin Barnes, the program was in danger of shutting down due to a high demand and lack of resources. According to the Governor's release, a lapse in the general fund allows Gov. Malloy's administration the flexibility to provide additional assistance for this program.
EMAP, a formerly dormant program dating back to the recession of the early 1990s, was revived in 2008 and provides temporary assistance through monthly mortgage payments for up to five years for eligible homeowners facing foreclosure owning to financial hardship due to circumstances beyond their control, including a significant reduction in household income or an increase in expenses, as determined by CHFA.
Recently, Connecticut's foreclosure assistance and prevention programs received high praise from the Federal Reserve Bank of Boston. Their recent study praised EMAP's adaptation to current circumstances by expanding eligibility in 2009 to include an increase in expenses as a qualification for enrollment.