Special Funds Available for Home Repairs
Wells Fargo and PPL help families fix their homes and avoid foreclosure
MINNEAPOLIS, Jan. 17, 2013 – Through a $200,000 Wells Fargo grant, Project for Pride in Living (PPL) is launching a new program to help Twin Cities homeowners facing foreclosure to stay in their homes by receiving emergency funds to make a needed home repair. PPL’s Foreclosure Prevention Emergency Repair program provides grants for an emergency home repair to low-income homeowners in selected neighborhoods who face the tough choice of paying for a repair that would keep their home safe or keeping current on their mortgage to avoid foreclosure.
“Strengthening individual homeowners by improving their properties, as well as preventing foreclosures, has a significant and positive ripple effect in our communities,” said Steve Cramer, PPL Executive Director. “The program can help bring long-term stability for the individual homeowner while aiding a neighborhood-wide recovery.”
“By providing funding for innovative foreclosure prevention tools like this program, we can help homeowners in our community and help stabilize neighborhoods,” said Dave Kvamme, lead region president for Wells Fargo’s Minnesota Great Lakes region.
The Foreclosure Prevention Emergency Repair program focuses on at-risk homeowners in targeted Minneapolis and St. Paul neighborhoods that continue to be impacted by the foreclosure crisis. One-time grants up to $7,500 will be provided to make a home repair, and homeowners who qualify for the program will also receive financial coaching to help them stay current on their mortgage once the repair is completed. Examples of repairs include electrical, structural, plumbing or roofing problems.
Interested homeowners may contact PPL at 612-455-5221 or click here to review qualifications and the Minneapolis and St. Paul neighborhoods designated for the program. The grants will be distributed on a “first come – first served” basis for qualified homeowners.
The program is the latest in PPL’s and Wells Fargo’s responses to the foreclosure crisis. PPL has restored foreclosed multi-family buildings to 62 units of affordable housing for rent throughout the Twin Cities through the federal Neighborhood Stabilization Program. Wells Fargo has helped homeowners facing foreclosure with loan modifications, principal reductions, financial education and other programs.