Washington, DC – October 19, 2009 – (RealEstateRama) — Congressman Jack Kingston (R-GA/1) announced today that Economic Opportunity Authority (EOA) for Savannah-Chatham County is the recipient of two grants from the Department of Housing and Urban Development (HUD). The grants will be used to support services related to housing counseling to homebuyers, homeowners and low to moderate income renters.
“I congratulate Mr. Tolbert and the Savannah-Chatham EOA on this funding and applaud the services they provide to homeowners and renters in this area,” Congressman Kingston said. “Our home is one of our most important assets and whether you buy or rent, the process can be very confusing. We know from experience that a lack of oversight in these important processes is a recipe for disaster and this program helps homeowners and renters with the fine print and make the process less painful.”
The amount of the first grant is $53,212 and will be used to support the services provided by EOA such as improving financial literacy, expansion of homeownership opportunities, and the improvement of access to affordable housing and the preservation of home ownership. Counselors provide guidance and information to help families and individuals improve their housing conditions and met the responsibilities of tenancy and ownership; they also help borrowers avoid inflated appraisals, unreasonably high interest rates, unaffordable repayment terms and other conditions that can result in a loss of equity, increased debt, default and eventually foreclosure.”
The amount of the second grant is $10,883 and will be used to support services that aid homeowners and renters with oversight on transaction documents such as rental agreements and closing documents. Housing counselors review this documentation and help families and individuals read the fine print in contracts, helping them avoid confusion during the process.
“EOA staff strive to help people during the home buying and renting processes,” said Terry Tolbert, Deputy Director of EOA for Savannah-Chatham County. “We are glad to receive this continued funding so that we may continue to provide these services.”
Contact: Shae Walden 229-247-9188