ICBA-backed foreclosure assistance introduced in Senate

ICBA-supported legislation to prevent avoidable foreclosures, evictions, and utility shut-offs was introduced by Sen. Jack Reed (D-R.I.), Senate Banking Committee Chairman Sherrod Brown (D-Ohio), and Senate Appropriations Committee Chairman Patrick Leahy (D-Vt.).

The $75 billion Homeowner Assistance Fund would provide federal aid to state housing finance agencies to help people who have experienced COVID-19 hardships keep up with their housing payments. Assistance would be allocated partly based on state shares of unemployment claims.