As the US economy might be said to be in a state of recovery, most COVID-19 related federal stimulus programs have been terminated. Indeed, unemployment is down – more specifically it is at the lowest level it has been since the start of the pandemic. Unfortunately, though, many homeowners are still struggling to meet various home-related costs. With most of the mortgage forbearance programs coming to an end this leaves many US homeowners – as they believe, in a difficult situation.
Funds Remaining From US Congress
Fortunately though, according to CNBC, there are still some federal funds that will be made available to those who need such aid. In this light, there is still a ‘pot’ of money that the US Congress has made available for such purposes.
The Homeowners Assistance Fund
Further explained, the Homeowners Assistance Fund is overseen by the US Department of Treasury. The Homeowners Assistance Fund has a budget of roughly $10 billion federal budget. The Homeowners Assistance fund is set to assist US owners with relief for mortgage payments and other home-related extra expenses brought about as a result of the COVID-19 pandemic.
According to Stockton Williams, the executive director of the National Council of State Housing Agencies: “Data indicate some homeowners … are still experiencing financial and economic stress, particularly those with low incomes and homeowners of color”.
Eligibility Criteria For The Fund
As with every other COVID-19 relief, forbearance, or stimulus program, there are some criteria for eligibility. The first and most obvious criteria is that an eligible household must have experienced financial hardship during the COVID-19 pandemic. In addition to this, although administration will be on a state level – which means qualification criteria may vary – in general, household income must be 150% below the median income for the area or less than $799,990. This is depending on which of these aforementioned figures is the largest. Lastly, in line with the eligibility criteria, the Homeowners Assistance Fund will only be made available for a homeowner’s primary residence. Depending on the respective state, the Homeowners Assistance fund will have a ceiling ranging from $15,000 – $80,000.
Further Information On The Fund
For more information on the Homeowners Assistance Fund – and how to apply, the National Council of State Housing Agencies has a ‘map’ which explicates where a homeowner can apply in their local state. This map can be found by clicking on the following link.