Nebraska\u2019s share of funds from a national mortgage settlement would be directed toward housing assistance under a bill heard Feb. 25 by the Appropriations Committee.<\/p>\n
LB286, introduced by Lincoln Sen. Danielle Conrad, would make the following transfers from the state\u2019s Cash Reserve Fund on or before Sept. 1, 2013:
\n\u2022 $5.4 million to the Affordable Housing Trust Fund;
\n\u2022 $1 million to the Homeless Shelter Assistance Trust Fund; and
\n\u2022 $1 million to the Legal Aid and Services Fund.<\/p>\n
Nebraska placed its share of the national mortgage settlement in the state\u2019s cash reserve, Conrad said, and LB286 would make sure that those funds serve their intended purpose.<\/p>\n
The settlement resulted from an agreement with the nation\u2019s five largest mortgage servicers over questionable mortgage loan servicing and foreclosure practices, she said.<\/p>\n
\u201cThe purpose of these [settlement] funds is to provide relief to those harmed by these actions,\u201d Conrad said.<\/p>\n
Mike Renken, executive director of NeighborWorks Lincoln, testified in support of the bill, saying the organization has leveraged money from the Affordable Housing Trust Fund to provide down payment assistance, new construction and rehabilitation of troubled properties in several of Lincoln\u2019s core neighborhoods.<\/p>\n
\u201cWe help at least 50 people a year become homeowners,\u201d Renken said. \u201cWe want them to be in the home long-term.\u201d<\/p>\n
Executive director of Legal Aid of Nebraska Dave Pantos also supported the bill, saying his organization serves people with foreclosure and other legal needs related to the housing crisis in every county in the state.<\/p>\n
\u201cWe want to continue to provide free legal services to those who are struggling,\u201d he said.<\/p>\n
No one testified in opposition and the committee took no immediate action on the bill.<\/p>\n","protected":false},"excerpt":{"rendered":"
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