Homeowners Receive Essential Relief through Georgia Mortgage Assistance
The Georgia Mortgage Assistance (GMA) program, backed by the Georgia Department of Community Affairs (DCA), provides an essential lifeline for homeowners who have experienced or are currently grappling with financial difficulties due to the COVID-19 pandemic. With over $300 million in funding allocated to Georgia through the U.S. Treasury Department’s Homeowner Assistance Fund (HAF), part of the American Rescue Plan Act of 2021, the program aims to assist residents who have fallen behind on mortgage payments and other housing-related expenses.
The DCA has been entrusted with the responsibility of managing these funds through the GMA program, which features federally approved service offerings and specific criteria for eligibility. At present, the GMA program extends three kinds of financial assistance to eligible homeowners in Georgia.
Firstly, it offers Mortgage Reinstatement, providing support for homeowners who are behind on three or more mortgage payments or have three or more payments currently in forbearance. This assistance helps in reducing or eliminating delinquent mortgage payments.
Secondly, the Principal Curtailment scheme provides assistance in reducing a homeowner’s mortgage loan balance if they’ve endured a permanent loss of income resulting from the pandemic.
Lastly, the GMA program provides aid for Housing-Related Expenses, covering a one-time payment made directly to a vendor to address specific housing expenses that include overdue or delinquent non-escrowed property insurance, and delinquent water, gas, and electric utility bills. However, this help is only provided in tandem with mortgage assistance.
The GMA program will continue until September 30, 2026, or until the funds have been completely utilized, whichever occurs first. Georgia homeowners who are struggling to make their mortgage payments due to the pandemic are encouraged to apply for assistance via the GMA program. Further information about eligibility and other program requirements can be accessed by visiting the GMA website and viewing the GMA Overview Video.
The Georgia DCA is committed to fostering strong, prosperous communities with over 70 programs aimed at stimulating growth. This commitment would not be possible without the ongoing support of leaders and partners across governmental bodies and within communities. We implore everyone to spread the word about the GMA program so that together we can assist our fellow Georgians during these challenging times.
