Program to help at-risk homeowners winding down in Michigan
Nearly 35,000 Michiganders have qualified for loans through the Step Forward Michigan program since 2010. But there’s only about $40 million left through the federally funded program.
Earl Poleski is the executive director of the Michigan State Housing Development Authority. He says people suffering a hardship, like a job layoff or large medical bills, qualify for the program.
“If you have experienced one of those, you may be eligible for an interest-free loan of up to $30,000 to get caught up on your property taxes, mortgage or condo fee payments,” says Poleski. “If you stay in your home, the loan is forgiven. You don’t have to pay it back.”
Officials say since 2010, about 10% of people who qualified for the loans ended up losing their homes anyway.