Additional Investment in Hardest Hit Fund

On April 20, 2016, the U.S. Department of the Treasury announced the results of the Round 5, Phase 2 application round for funding for the Hardest Hit Fund (HHF). During Phase 1, Kentucky Housing Corporation (KHC) received $30.1 million. KHC is pleased to announce that Treasury awarded the state an additional $27.9 million during Phase 2, for a total Round 5 award of $58.1 million.

This funding should sustain the Unemployment Bridge Program (UBP) for two years. KHC is excited for the opportunity to help more Kentuckians

For more information, please read Treasury's press release.

UBP Reservation Window

The UBP reservation window will reopen on Monday, May 16, 2016. The terms for new reservations will include the maximum assistance of $15,000 or 12 months of mortgage assistance. The full $15,000 may be used for reinstatement, if needed. The UBP application packet is available on the Kentucky Homeownership Protection Center website, which includes these new terms.

Some tips for the counselors:

• If working with an unreserved case number created prior to May 16, be sure to get the updated UBP Program Disclosure and HHF Third Party Authorization form, both of which were removed from application packages after January 31, 2016.
• Between now and Monday, May 16, be sure to clean out active pended and reserved pipelines. Withdrawn borrowers should receive written notification, which includes steps to reactivate applications.
• The new program terms will be effective with new reservations as of Monday, May 16. Cases reserved prior to the February 8 cut-off date will still receive the $30,000/18-month terms.
• Please do not send new packets to KHC until the case has been reserved for UBP.

Counseling Agreements

KHC will be distributing updated participation agreements for UBP Counseling Agencies. The current agreements have expired and must be updated before the application window reopens. Agencies must return signed agreements plus signatory authorization of the signor before Friday, May 13, 2016, to remain active in the Protection Center System when the reservations window reopens.

System Maintenance Scheduled

The KHC network will undergo scheduled maintenance on Thursday, April 21, from 6:15-6:45 p.m., and again Saturday, April 23, from 7 a.m. to noon. KHC's website will remain up and running during this time, but links from the external website to KHC applications will be affected, such as the login to the Kentucky Homeownership Protection Center application. Counselors should plan accordingly.