Mortgage Help for Homeowners Affected by The Pandemic
The NC Homeowner Assistance Fund is now accepting applications from North Carolina homeowners whose finances were impacted by the pandemic and who need assistance with housing-related expenses. Established through the 2021 American Rescue Plan to prevent mortgage delinquencies, defaults, displacements and foreclosures for homeowners experiencing financial difficulties due to the coronavirus pandemic, the fund offers assistance of up to $40,000 for qualified homeowners as long as funding is available.
“The economic impact of COVID-19 has been felt by many North Carolinians,” said Scott Farmer, executive director of the North Carolina Housing Finance Agency, which is administering the NC Homeowner Assistance Fund. “This program is designed to help homeowners who are experiencing pandemic-related financial hardships hold on to their homes while they get back on their feet. Ensuring that families have stable housing has always been our mission and that has become even more critical during this ongoing public health crisis.”
What is it?
The NC Homeowner Assistance Fund was established through the 2021 American Rescue Plan to prevent mortgage delinquencies, defaults, displacements and foreclosures for homeowners experiencing financial difficulties due to the coronavirus pandemic.
The law allocates funding for all 50 states, the District of Columbia, Puerto Rico and eligible territories and tribal authorities to provide relief for our country’s most vulnerable homeowners. Based on guidance from the US Department of the Treasury, each state developed its own plan. North Carolina was allocated $273 million and developed the NC Homeowner Assistance Fund that is tailored to meet the needs of most North Carolina homeowners impacted by the pandemic.
NC Homeowner Assistance Fund Plan as approved by US Treasury
What does it offer?
This $273 million fund provides up to $40,000 per household to help prevent foreclosure and pay for other housing expenses. There is no fee to apply or to participate, and the funds do not have to be repaid.
Homeowners can use the money to:
- Make payments on their primary home, such as a single-family house, town house or mobile home.
- Catch up on late mortgage payments on a first or second mortgage.
- Cover homeowners and flood insurance, homeowner’s association dues and delinquent property taxes.
Am I eligible?
The NC Homeowner Assistance Fund may be able to help with housing payments if you have had a financial hardship during the pandemic and need help with housing expenses related your home in North Carolina. Financial hardship can be due to job loss/business closure, reduction in hours or pay, difficulty obtaining new employment, death of a spouse or co-borrower or increased expenses due to the pandemic, you could be eligible for assistance. Increased expenses can be due to health care, the need to care for a family member, increased child care costs due to school closures or increased costs associated with quarantine.
Answer the questions below to see if you might be eligible:
- Do your own a primary residence in North Carolina?
- Have you experienced a pandemic-related financial hardship?
- Do you need financial assistance to bring current a past-due mortgage (first or second mortgages) or other housing expenses related to your primary residence?
- Do you need financial assistance with a housing expense related to your primary residence?
- Does your income fall below $79,900? If it is higher, you still may qualify under certain circumstances—check here.
If you answered “yes” to these questions, you may be eligible to receive up to $40,000 in assistance. If you’re not eligible for this program, you can find additional resources available here.
For more information visit: https://nchaf-registration.nchaf.gov/