Federal programs help Ohio homeowners stay afloat

CLEVELAND (AP) - Nearly a year after its start, a $570 million federal aid program has helped thousands of Ohioans avoid foreclosure.

The Plain Dealer newspaper reports that the Restoring Stability fund has helped keep 2,500 struggling Ohio homeowners afloat since it began Sept. 27, 2010.

The fund is one of the 18 Hardest-Hit funds set up by the U.S. Department of the Treasury aimed at staving off foreclosures in states with the steepest home price declines and highest unemployment rates. The program lasts until 2017 or money runs out.

U.S. Rep. Dennis Kucinich lobbied to get the fund in Ohio. He tells the newspaper that he believes Restoring Stability has underperformed. He says the program has had 40,000 inquiries and received 6,200 applications, but only served 2,500 people.

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