Stimulus Checks to Help Homeowners: How to Apply for the $ 10 Billion State Fund

The Treasury Department revealed in March that 1 in 10 Homeowners with a mortgage in the United States have fallen behind In payments, through the Homeowners Assistance Fund you can receive help to pay utility bills

Photo: Chris Hondros / Getty Images

Throughout the pandemic, the federal government has provided various forms of financial relief to help Americans cope with the economic consequences. The three rounds of stimulus checks and additional unemployment payments have been especially popular , but they are not the only help that is offered.

If you are a homeowner you will be able to access a program that is less known but that provides billions of dollars to help individuals and families who have suffered a loss of income from continuing to pay their mortgages .

The GoBankingRates website estimated that near 10 millions of people have a mortgage that could apply to program .

What is the Homeowners Assistance Fund?

The $ 1.9 Billion American Rescue Plan includes $ 10, 000 millions of dollars of government aid to go to Homeowners Assistance Fund .

The fund is intended to support homeowners hardest hit by the pandemic himself will himself provide his financial help for those who are struggling to make their mortgage payments and face delinquency and foreclosure . The money can also be used to cover the cost of utilities.

The $ 10, 04 millions of dollars represent a considerable amount of federal spending and will provide a minimum of $ 50 million dollars for each state , as well as for the District of Columbia and Puerto Rico, and other $ 498 millions of dollars for tribal designated housing entities and the Hawaiian Department of Homelands. In total the program will distribute $ 9, 300 million dollars among the 50 states, the District of Columbia and Puerto Rico .

The Treasury Department reported in March that 1 of each , so the program seeks that families remain in their homes and will prioritize those who have experienced greater difficulties.

The Department of the Treasury will oversee the distribution of the Homeowners Assistance Fund and has established a series of eligibility requirements for aid . The money is only available to homeowners who have experienced financial difficulties since 21 of January of that you have lost your job, that you had a reduction in your income or that the costs of your home services increased, among other expenses.

Your income cannot exceed the 150% of median income in the area where you live and excludes the richest Americans. If you are a homeowner and meet the requirements, you must also have a mortgage balance of no more than $ , 250 dollars, starting from 2021.

Unlike stimulus checks, Fund Helps Homeowners are not automatic and if you are interested must request it by contacting with the housing agency in your state. You can do this through the website of the State Housing Agencies (NCSHA) .

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