Friday, August 18, 2017

Young Families program helps 31 area families avoid mortgage default

Yekaterinburg's "Young Families" social development program announced on Wednesday that it has helped 31 families keep their homes this year by supplementing mortgage payments.

So far this year, the program has provided a total of $770,000 in financial relief to young families who would otherwise be forced to default on their mortgage payments, Ekburg.ru reports.

"In this case, the social benefits are not provided for the purchase of property, [but instead] the repayment of a mortgage loan," Yekaterinburg Housing Policy committee member Elena Belyusova said, according to Ekburg.ru. "Young families who once were considered in need of housing, stood in line, bought housing mortgage today, when their turn came, they were provided from the budget of social payments to repay a portion of their mortgage loan."

The Young Families project opened in Yekaterinburg in 2007 as a part of a larger federal program to help young families keep their homes through financial relief, debt restructuring and financial education. In order to participate in the program, both spouses or the single parent must be 35 years old or younger, and must currently live in a residence no larger than 32.8 square feet per person. The family must also have more assets than debts to receive assistance in purchasing a home.

Funding for the project is overseen by officials from federal, regional and local governments, according to Ekburg.ru.