South Carolina will receive another $58 million from the federal hardest hit fund to help homeowners struggling with mortgage payments after a job loss, the U.S. Treasury Department announced today.
The news comes just one week after the department approved the state’s plan to spend $138 million to help unemployed homeowners with mortgage payments and loan restructuring and just one day after an announcement that the state would receive $97 million in stimulus funds to extend jobless benefits to workers who previously did not qualify.
South Carolina is one of 17 states plus Washington, D.C., which will split $2 billion, as their unemployment rates soared above the national average over the past 12 months, according to Treasury Assistant Secretary for Financial Stability Herb Allison.
This is the third round of hardest-hit funding, bringing the total to $4.1 billion, and South Carolina's second allotment from the fund.
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The S.C. Housing Finance and Development Authority must have a proposal for how to spend the money in place by Sept. 1 and should receive final approval by Oct. 3 so the program can be rolled out this fall.