Aurora Presents Financial Support Opportunities for Suitable Homeowners
A newly launched program in Aurora, Colorado could provide financial relief to homeowners who’ve been economically affected by the COVID pandemic. This announcement comes as part of the city’s efforts to mitigate the ongoing financial distress experienced by numerous residents.
The initiative, known as the Aurora Emergency Mortgage Assistance Program, has been established by the City of Aurora with a mission to aid eligible homeowners in maintaining ownership of their homes during these uncertain times. It is hoped that this initiative will bring some financial stability and a sense of relief to struggling Aurora homeowners.
As we’ve observed, the housing market in the Denver area has seen prices dropping more rapidly than in other cities, further necessitating the support provided by such assistance programs.
The Aurora Emergency Mortgage Assistance Program encompasses a range of potential homeowner expenses. This includes but is not limited to mortgage assistance, utilities, homeowner/condo association fees, and assistance for overdue property taxes payments. These broad coverage areas aim to address the multifaceted financial difficulties homeowners may be facing.
To be considered for this assistance, homeowners must fulfill several criteria. Primarily, they must be able to demonstrate a financial impact related to COVID-19 that occurred on or after Jan. 21, 2020. This impact could take several forms, including job loss, a reduction in income or working hours, or heightened healthcare costs due to the pandemic.
The program stipulates that eligible individuals must be owner-occupants of a single-family home or condominium, or of a two, three, or four-family home. However, properties with five or more units, investor-owned properties, and vacation homes are excluded from the program.
Further, applicants’ income must be equal to or less than 100% of the Area Median Income for the county in order to qualify. Additional requirements can be located on the program’s website.
Interested parties are encouraged to apply and can do so via the official website at AuroraGov.org/MortgageAssist.
This program has been made possible by the allocation of $1.75 million in federal funds, granted to the city from the American Rescue Plan Act. Applications will be accepted and the program will remain active until these allocated funds have been fully utilized. This initiative underscores the city’s commitment to assisting its residents during challenging times, ensuring that the comfort and security of home ownership remain accessible to those most in need.