LANSING – Following last week's House passage of a plan to help struggling Michigan residents stay in their homes, State Representative Andy Coulouris (D-Saginaw) today applauded the Senate for approving his legislation that will extend a 90-day lifeline to residents at risk of foreclosure who seek help. The plan is expected to be signed into law shortly.
"I commend the Senate for their vote today to help us fight the housing crisis," said Coulouris, the original sponsor of the plan. "More Michigan families are going to be able to stay in their homes because Democrats and Republicans came together to do what's best for our state. This is great news for families and communities across the state."
After Coulouris spearheaded weeks of negotiations between the House and Senate, an agreement was reached that will allow the plan to be sent to the Governor. The plan will create a 90-day lifeline for homeowners at risk of losing their home who commit to working with their lender and a housing counselor. Counselors are available through the Michigan State Housing Development Authority (MSHDA) and the U.S. Department of Housing and Urban Development (HUD).
According to RealtyTrac, Michigan ranked sixth in the nation in foreclosures in the first quarter of 2009, with more than 33,000 properties in foreclosure. In 2008, more than 145,000 Michigan properties statewide were in foreclosure – a 21 percent increase from 2007 and a 108 percent increase from 2006.
"The housing crisis has been at the head of our economic crisis and we must address this problem in order to get Michigan back on its feet," Coulouris said. "With passage of this plan, we're standing up for those families who have suffered most during this recession by helping them hold on to their piece of the American Dream."