Obama Administration Launches $18 Billion HEMP Program

By
Real Estate Broker/Owner with Jonathan and Associates, Inc

Today, the U.S. Senate passed S. 4256: Help for unEMployed People or HEMP.  The program is designed to help homeowners facing foreclosure, cities facing blight, and the unemployed from the construction sector of our economy.  

In phase one of the HEMP program, the government will start today purchasing foreclosed homes in depressed neighborhoods that are in foreclosure; eliminating shadow inventory.  $18 Billion Dollars has been set aside for acquisition and rehabilitation of residential real estate in the 50 hardest hit states as identified by the White House.  Then large teams of experienced unemployed laborers to rehab the properties with the goal of selling or renting the properties as government housing.

Homeowners can also trade their current home for a HEMP home if they meet certain requirements.   

"It is my goal that we can make Detroit the next Beverly Hills, and we can do this with HEMP" said President Obama in a statement released today.  

Unlike HAMP, 2MP, and HAFA, non-delinquent homeowners will benefit as well.  Starting July 1, any homeowner that has not missed a mortgage payment in the last 3 months can apply for 1 year of mortgage forgiveness.  "The goal is if homeowners don't have to make a mortgage payment, they can stimulate the economy" said Treasury Secretary Tim Geithner.  "To apply, homeowners must make less than $50,000 a year, have a mortgage in excess of $500,000, or be a member of Congress."  

Celebrity Spokeperson and Hemp advocate Woody Harrelson could not be reached for comment.

 

The program is slated to expire November 7, 2012: one day after the presidential election.  

Comments (5)

Kymberly Caldwell-Muniz
(909) 973-0410 - Fontana, CA
TCR Group Keller Williams Realty Rancho Cucamonga

Hi Jonathan, freat post. Thanks for the updated information.

Apr 01, 2011 08:24 AM
Sarah Pearce
eXp Realty LLC - Wiscasset, ME

Hm. From a government that has never done things right, another program? The free market can always clean things up better that the government, without using taxpayer money to do it.

What is the definition of "depressed" neighborhoods? Does that mean taxpayers in states like Maine, that took care of their homes, but are having trouble paying their note, end up supporting neighborhoods in states like Michigan and Arizona? Won't that just bring the "good" states down? It seems like more of the class warfare and equality I am always hearing.

Apr 01, 2011 09:16 AM
Jonathan Benya
The Benya Group - Waldorf, MD
The Benya Group

Nice!!!

Apr 01, 2011 09:25 AM
Rummy Dhanoa
New York Real Estate Experts - Yonkers, NY
Rummy Dhanoa

Is this a april fools 's joke. i noticed the channel it is in. LOL

Apr 01, 2011 09:36 AM
Anonymous
Deb Fee

I just received a call from 702-705-5020 regarding this program and after disconnecting the call - because she asked what my rate was  I said I did not know and she said I think you do - She called me back and lectured me on how I could be a little nicer on the phone - I don't need this

 

Jul 26, 2011 05:54 AM
#5