Homeowner Assistance Fund Provides Mortgage Aid to Hundreds of Nevadans
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In response to the COVID-19 pandemic, the federal government launched a program called the Homeowner Assistance Fund in May 2022 to help homeowners who have been affected by job losses or reduced working hours to keep their homes and avoid foreclosure. Nevada received $121 million from this program, and so far, 12,000 homeowners have been financially assisted, with 538 in southern Nevada and 69 in northern Nevada.
Two state funds are available for homeowners who qualify for assistance. The Unemployment Mortgage Assistance Program provides temporary financial support for up to 12 months, with the state paying up to $3,000 per month for a total of $54,000 to cover not only the mortgage but also taxes, insurance, and homeowners association fees. The Mortgage Reinstatement Assistance Program is available for homeowners who have defaulted due to financial hardship caused by the pandemic, providing up to $50,000 per household, with a limit on income to qualify.
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One homeowner who benefited from this program is Latasha Newell, a mother of five children who was forced to take six months off work during the pandemic and then had her hours and pay reduced. She fell behind on her mortgage payments and was worried about losing her home. However, her mortgage company suggested she apply for assistance from the Nevada Homeowner Assistance Fund, and she received $28,000, which covered her mortgage payments for a full year, enabling her to catch up with other commitments such as utility bills and other responsibilities.
According to Verise Campbell, the CEO and COO of the Nevada Affordable House Assistance Corporation, the program is not only important for the economy but also for the well-being of all Nevadans, as it provides stability and security for families who might otherwise have to relocate frequently. Campbell emphasized that the state must use the money by September 2025, or it will be returned to the federal government. Therefore, homeowners who are struggling to make mortgage payments due to pandemic-related financial hardship are encouraged to apply for assistance from the Homeowner Assistance Fund before it’s too late. For more information or to apply, visit the program’s website.
