The Keep Your Home California program created in 2010 to help struggling homeowners has delivered more than $24 million to Fresno County in its first five years.
In turn, the state-run and federally-funded program has helped the county preserve $56 million in economic activity for the area such as labor income and tax revenue that would have otherwise been lost, according to a report released Wednesday.
For every dollar issued to help homeowners, two dollars worth of economic activity is preserved, according to “The Economic Impact of Keep Your Home California: A Statewide and Regional Analysis.” The report was prepared by Dr. Joseph C. Von Nessen, a research economist at the University of South Carolina, Darla Moore School of Business and an expert on similar government programs.
In Fresno, that translates to more than $17 million in property values, nearly $13 million in labor income and nearly $2.8 million in tax revenue saved, the report said. The program helped 2,930 households and saved about 238 jobs.
Statewide, Keep Your Home California helped 64,000 families and preserved nearly $2.5 billion in economic activity including $441 million in labor income, more than $1.1 billion in property value and $81.3 million worth of state tax revenue.
“Through the economic ripple effect, Keep Your Home California has not only helped those directly assisted by the program, but also many others – including employees who kept their jobs and small-business owners who maintained their customers,” said Tia Boatman Patterson, executive director of the California Housing Finance Agency which oversees the program. “Neighborhoods, communities and the state have all benefited from the program.”
Keep Your Home California has five programs designed to help homeowners in different situations ranging from unemployment and mortgage assistance to a principal reduction program, transition assistance and reverse mortgage help.
Money is still available to eligible homeowners. The program ends when the money runs out or by Dec. 31, 2020, whichever comes first. For more information, visit keepyourhomecalifornia.org or call 888-954-5337.
Economic Impact Estimates
Property value preserved
Source: “The Economic Impact of Keep Your Home California: A Statewide and Regional Analysis”