Millions of homeowners found themselves in financial trouble following the start of the COVID-19 pandemic and were in need of assistance.
The Homeowners Assistance Fund exists to help keep homeowners homes out of foreclosure.
It also helps with utilities when people are struggling to pay them or at risk of losing their home.
The funding is given in the form of grants and doesn’t usually need to be repaid.
Every state is given at least $50 million each.
How the Homeowners Assistance Fund works
In order to get the grant, you need to have owned your home for a certain number of years.
The number of years depends on your state of residence.
If you sell your house, you need to pay the grant back.
Eligibility for assistance
You’ll need to meet certain criteria to qualify for the funding.
You need to have experienced financial hardship after Jan. 21, 2020.
The only home it covers is the main one you live in.
Most types of homes are eligible, but not second homes.
Your income needs to be under 150% of the median household income of your area or 100% of the country’s median income.
Applications are in high demand, so it depends on which state you live in.
New York has stopped accepting applications because there are so many, while Illinois is taking them still.
You could receive anywhere from $30,000 to $80,000.
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