New South Carolina Program Will Assist Struggling Homeowners
Following a recent program trial as part of the federal government’s Homeowner Assistance Fund, the US Treasury has given South Carolina permission to launch the SC Homeowner Rescue Program, its new Homeowner Rescue Program. The purpose of the Homeowner Assistance Fund (HAF) is to prevent mortgage delinquencies and defaults, foreclosures, loss of utilities or home energy services, and displacement of homeowners experiencing financial hardship after January 21, 2020.
To be eligible homeowners must:
- Be behind on mortgage payments for a primary residence, located in South Carolina, which they currently occupy
- Be behind on property taxes and utility bills for their primary residence, which they currently own and occupy
- Have experienced financial hardship associated with the COVID-19 pandemic that began or continued after January 21, 2020, causing them to fall behind on a mortgage, utilities, or other housing-related financial obligations
- Make equal to or less than 100% of the Area Median Income, or equal to or less than 150% of the median income of the United States – whichever is higher
The South Carolina Homeowner Rescue Program provides funding for:
- Mortgage Payment Assistance
- Payment Assistance for Delinquent Property Taxes
- Mortgage Reinstatement
- Payment Assistance for Down Payment Assistance Loans
- Payment Assistance for Homeowner’s Utilities
- Counseling, Educational Services, or Legal Services
For a complete list of eligibility requirements, and more information and to apply to South Carolina’s Homeowner Rescue Program beginning March 21, 2022, please visit the program website. If you’re a homeowner, you may begin applying for this program on March 21 at 9:00 am, and the program will last through September 30, 2026.