WASHINGTON (AP) — Treasury Secretary Jacob Lew said Thursday that the Obama administration is extending, for another year, a program aimed at helping people who are struggling to avoid foreclosure on their homes.
Lew said the administration is also expanding an effort to increase access to affordable rental housing.
Lew said the administration is extending its Home Affordable Modification Program, which has provided assistance to about 1.4 million borrowers to lower their monthly payments. He said the government must continue to help families trying to recover from the financial crisis.
Lew said the Treasury Department and the Department of Housing and Urban Development are teaming to support financing of FHA-insured mortgages for construction and renovation of rental housing. He said the first effort would help restore affordable housing damaged by Superstorm Sandy in Far Rockaway, New York.
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