Homestead Preservation Act
Last action on Jul 25, 2005Referred to the Subcommittee on Employer-Employee Relations.
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Summary
The Homestead Preservation Act (H.R. 3088) would create a federal program to provide low-interest loans to individuals who have lost their jobs and are at risk of losing their homes. These loans are designed to help eligible workers cover their mortgage payments for up to 12 months while they seek new employment. Under the terms of the bill, recipients would be required to repay the assistance within five years of receiving the funds.
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