Budget Amendment ID: FY2015-S4-327

ECO 327

Pre-foreclosure Mediation Revolving Loan Fund

Mr. Michael O. Moore, Ms. Chandler, Mr. Eldridge, Ms. Candaras, Mr. Lewis, Ms. Forry, Messrs. Kennedy and McGee moved that the proposed new text be amended in section 2, in item 7004-0099, moved that the bill be amended in section 2, in item 7004-0099, by adding at end thereof the following: “provided further, that $1,250,000 shall be expended for municipal pre-foreclosure mediation programs targeted at providing commercially reasonable alternatives to foreclosure; provided that these funds shall be expended to establish municipal programs engaging neutral mediators to administer and provide mediation between homeowners, housing counselors at the homeowner’s option and authorized representatives of mortgagees; provided further, that funded programs are financially sustained without state funds after initial start-up costs and that state funds provided are repaid by the end of first full municipal fiscal year of the program; provided further, that funds will be administered by the Department of Housing and Community Development; and provided further, that these funds shall be available for expenditure through June 30th, 2016”; and in said item, by striking out “$6,460,145” and inserting in place thereof the figures “$7,710,145”.