Published by CNBC | March 4, 2022
While many homeowners are on their way toward financial recovery after the worst days of the pandemic, the need for help continues.
Most of the pandemic-era forbearance options for struggling homeowners have come to an end, but a pot of money allocated by Congress is still available for those who need aid.
The Homeowner Assistance Fund, overseen by the U.S. Department of the Treasury, is a nearly $10 billion federal program established to deliver relief to families who are behind on their mortgages and other housing-related expenses due to the financial fallout of the public health crisis.
While many homeowners are on their way toward financial recovery from the darkest days of the pandemic, the need for help continues, said Stockton Williams, 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,” Williams said.
With other government interventions, including expanded unemployment benefits and rental assistance, getting more attention, many homeowners may not be aware of the assistance available to them, experts say.
Here’s what to know about the program:
The program is being administered by the states and qualification requirements vary, but generally you have to have experienced a Covid-19 related hardship and have a household income below 150% of your area’s median income, or $79,990, whichever is higher.
Also, you can apply for the relief only for a primary residence.
Most state programs are not making delinquency a requirement for eligibility, Williams said.