Texas Has Set Aside $842 Million in Covid-19 Relief Funds for Homeowners. March 9,2022

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Texas has created a programme to assist homes facing foreclosure due to COVID-19, a year after the federal government began giving funds.

The Texas Homeowner Assistance Fund is intended to assist homeowners who have struggled to pay their mortgage, property taxes, home insurance, and other home-related payments as a result of economic challenges brought on by the pandemic. The initiative will provide $842 million in assistance to homes facing foreclosure.

The Texas Department of Housing and Community Affairs administers the programme, which is funded by the US Treasury and established under the American Rescue Plan Act. Applications for the programme opened on Wednesday.

covid relief programme

 

Kristen Hoyt, Comal County tax assessor-collector, stated that while the programme is not operated by the county or tax office, she wanted to inform “qualified taxpayers” of their alternatives.

“While the Comal County Tax Office offers internal payout agreements for outstanding property taxes, I hope this will assist people in need of further property tax relief,” she explained. “It is applicable to those who are behind on property taxes and other homeowner-related obligations.”

TDHCA will make payments directly to the Comal County Tax Office for homes who qualify for this programme, Hoyt said.

The fund assists qualifying homeowners in avoiding mortgage delinquencies, defaults, and foreclosures, as well as preventing homeowners experiencing financial difficulties from being displaced after Jan. 21, 2020.

Texas took over a year to launch the programme – significantly longer than many other states. President Joe Biden signed the American Rescue Plan Act, a $1.9 trillion economic stimulus package, into law last March, allocating over $10 billion to assist homeowners in remaining in their houses.

According to the National Council of State Housing Agencies, twenty-five states, including California and New York, had their systems up and running prior to Texas. Ten states, including Texas, have experimented with pilot schemes. According to TDHCA, Texas has distributed approximately $5 million to more than 600 homes to assist homeowners with mortgage payments.

To qualify for aid via the fund, homeowners must demonstrate financial hardship caused by the pandemic. The programme will cover up to $40,000 in past-due mortgage payments — and up to $25,000 in past-due property taxes, property insurance, and association dues. According to the organisation, the scheme will benefit between 55,000 and 70,000 homes.

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Visit home.treasury.gov/system/files/136/HAF-Guidance.pdf for guidance. Additionally, the programme covers delinquent home insurance, mortgage payments, HOA and lien fees, as well as other fees. Visit www.texashomeownerassistance.com or call 1-833-651-3974 for a complete list of prerequisites.

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