California Homeownership Assistance Fund Shares Enter Final Phase

California housing officials announced this week Pandemic-Related Home Ownership Assistance Fund is entering its final stages and homeowners are encouraged to apply before funds run out.

State officials say the end of the pandemic relief program marks the culmination of more than two years of efforts to prevent families from losing their homes and preserve their opportunities to build wealth in the future.

“As the full disbursement of California Homeowner Assistance Fund grants approaches, qualified homeowners who act quickly can still Take advantage of these resources.” posted.

The state says applications will be accepted and processed as long as funds remain available. The announcement did not mention a final application deadline but stressed the urgency but not guarantees that everyone who is eligible will receive aid.

When the state launched the program in late 2021, it targeted most of its outreach to high-risk groups. last year, California also updated aid standards Reverse mortgage loan holders are also eligible by being open to borrowers with a wider range of income levels relative to the local county median and who may have previously received some form of loan modification.

Qualifying households facing financial challenges due to the Covid-19 pandemic can apply for up to $80,000 in assistance to help pay mortgages, property taxes or costs associated with loan deferrals or partial claims.

“California’s mortgage relief program has had an outsized impact on underserved communities,” Stacey Tutt, fund coordinator and senior staff attorney for the National Housing Law Project, said in a press release. Families are at risk of losing their homes or hard-earned possessions,” posted.

About three-quarters of households receiving assistance earn 100 percent or less of the county median income. To date, the overall federal average income of recipients is 69 percent of the area median income.

Fifty-five percent goes to families the state considers to be part of socially disadvantaged communities.

California received $1.1 billion, more than any other jurisdiction, through the state Homeowner Assistance Fund, which was launched to provide relief to American households facing financial hardship during Covid-19. The fund was launched under provisions of the American Rescue Plan Act and has raised nearly $10 billion. Provided nationwide, managed and awarded by state and territory housing organizations.

To date, the Golden State has provided grant assistance to 33,519 households with an average payout of $24,555, for a total of more than $823 million distributed to residents, according to the agency in charge of the program.

“California’s mortgage relief program has achieved significant success by preserving homeownership opportunities, which is critical to ensuring our most vulnerable have the opportunity to build intergenerational wealth,” CalHFA Executive Director Tiena Johnson Hall notedoverseeing state efforts.

California’s announcement comes after more than Half of U.S. states have canceled HAF Applicants may be placed on a waiting list after their share of funds is exhausted. recent, Oklahoma and New Hampshire The application portal closed in early March.

Pennsylvania, on the other hand, has reopened its plans after moving administration and payment procedures in-house, as follows Issues with third-party vendors last year.

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