With the prospects of further federal stimulus checks being somewhat unrealistic at present, many citizens in the US are still feeling the socioeconomic effects of the COVID-19 pandemic. At present, inflation is at the highest in over four decades. In addition, many people have lost their lives and jobs during the COVID-19 pandemic.
Furthermore, although unemployment is down and the American economy is in a much different place than during the pandemic, many middle and lower-income US citizens are still struggling. As a result, such citizens have become reliant on stimulus payments.
More specifically, many homeowners have felt the pinch during the COVID-19 pandemic. As a result, lots of these homeowners have found it challenging to meet their housing costs. Fortunately, though, there is a stimulus program for Texas homeowners that continues to provide financial aid this year.
The Texas Homeowners Assistance Fund
According to Entrepreneur, the Texas Homeowners Assistance Fund is sponsored or funded by the American Rescue Plan Act of 2021. As a result, Texas homeowners can now apply for stimulus aid. Furthermore, the Texas Department of Housing and Community Affairs (TDHCA) was responsible for the recent launching of the stimulus program. In addition to this, it has a budget of more than $840 million.
The Plan In More Detail
In more depth, the Texas Homeowners Assistance Fund has been created to help homeowners in the state meet various home-related costs. Included in this list, the fund aims at helping such homeowners at meeting costs such as:
- meeting their mortgage repayments
- housing insurance
- general housing expenses as a result of the COVID-19 pandemic, and
- property taxes
The TDHCA will oversee the Texas Homeowners Assistance Fund. Eligible homeowners in Texas have the opportunity to start applying for the stimulus payments this week. Typical payments can reach $40,000 paid to households which will be used for missed mortgage payments. Furthermore, a ceiling of $25,000 will be allocated to eligible Texan households to meet property insurance costs and other general home-related expenses.
The Texas Homeowners Assistance fund will not deposit the stimulus payments into eligible homeowners’ accounts. Instead, the stimulus payments will be made directly to specific mortgage companies, property tax authorities accounts, and insurance companies.
More Information On The Fund
For further information regarding the Texas Homeowners Assistance Fund, including eligibility criteria you can visit the following link. Also, you can call 1-833-651-3874 for telephonic assistance.