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Two New York Senators Allocate $120K to Foreclosure Prevention

foreclosure-helpAs the state of New York heads into the Thanksgiving Holiday, two local Senators are raising awareness of the ongoing foreclosure crisis in parts of the state by presenting housing advocates with a $120,000 check to save distressed homeowners in the 21st Senate District.

New York State Senators Kevin S. Parker and Senator Jeff D. Klein presented the Housing and Family Services of Greater New York with a check for $120,000. The funding is designed to fight foreclosures in the 21st Senate District, according to a press release from the press secretary and counsel for the Independent Democratic Conference.

The check presentation occurred in front of the home of Judith Alexander, who is a resident of the district and a homeowner in distress, who was only months away from foreclosure.

“The impact of the subprime foreclosure crisis has been disastrous for many families undermining the stability and vibrancy of our communities,” said Senator Parker. “Brooklyn was one of the hardest hit areas during the subprime lending crisis, and although the practice has slowed due to state and federal regulations, some homeowners in my district are still finding it difficult to bounce back.

The Housing and Family Services of Greater New York is committed to funneling the funding to help families facing the risk of foreclosure. The organization has already created several programs designed to help housing residences, including initiatives to renovate decrepit tenements and other benefits to help homeowners.

“For 44 years, Housing and Family Services of Greater New York has been committed to saving neighborhoods and communities one building at a time - whether a homeowner facing foreclosure or a distressed 100-unit apartment building.” added Larry Jayson, Executive Director of Housing and Family Services of Greater New York.

About Author: Kerri Panchuk

Kerri Panchuk is an attorney and financial writer with more than a decade of experience covering real estate, default servicing, residential mortgage-backed securities, retail, macroeconomics, and commercial real estate. Panchuk graduated from the Southern Methodist University Dedman School of Law and texas Tech University, Panchuk previously served DSNews.com as online managing editor/producer and webcast anchor. In April, she rejoined the Fiver Star Institute as executive director of member groups, overseeing the development and growth of the National Appraisal Congress and Title and Closing Coalition. Panchuk is a member of the State Bar of Texas.
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