Bar News - May 18, 2016
NH Bar Foundation: $1 Million Boost for Foreclosure, ‘Community Redevelopment’ Projects
As part of a nationwide settlement in the wake of litigation regarding mortgage irregularities, Bank of America is dispersing $1,039,372 to New Hampshire’s Interest on Lawyers Trust Account (IOLTA) program, administered by the Bar Foundation.
The amount is New Hampshire’s share of a remaining $490 million from the multi-billion dollar settlement that has funded the NH Foreclosure Relief Project and other foreclosure prevention efforts for the past three years. The remainder resulted from an amount set aside to reimburse taxpayers who received mortgage assistance from Bank of America and would have incurred higher tax bills. However, the reserve funds weren’t needed because Congress exempted mortgage forgiveness amounts from income tax.
The NH Bar Foundation Board of Directors has appointed a subcommittee to make recommendations for a granting strategy and timing of distributions for the one-time infusion of funds, which are earmarked for organizations providing legal assistance in foreclosure prevention and community redevelopment.