US Home Stimulus 2022: Who Qualifies for Homeowner Stimulus?
The US Treasury Department has provided instructions for anyone in the United States who want to apply for home stimulus through the Homeowner Help Fund (HAF), which would offer citizens financial assistance worth roughly $9.9 billion.
The Homeowner Assistance Fund (HAF) was established to prevent mortgage defaults, foreclosures, the termination of utilities or home energy services, and the displacement of homeowners facing financial hardship after January 21, 2020. HAF funds can be utilized to help with mortgage payments, homeowner’s insurance, utility bills, and other specific expenses. The law prioritizes assistance for homeowners who have had the most difficulties, based on local and national income factors.
Who qualifies for homeowner stimulus?
Keep in mind that this program only applies to persons who experienced financial difficulty as a result of the COVID-19 epidemic, which implies their income was affected after January 21, 2020.
“Homeowners are eligible to receive amounts allocated to a HAF participant under the HAF if they experienced a financial hardship after January 21, 2020 (including a hardship that began before January 21, 2020, but continued after that date) and have incomes equal to or less than 150 percent of the area median income or 100 percent of the median income for the United States, whichever is greater,” explains the US Treasury.
“A HAF participant may provide HAF funds only to a homeowner with respect to qualified expenses related to the dwelling that is such homeowner’s primary residence. HAF participants must require homeowners to attest that they experienced financial hardship after January 21, 2020. The attestation must describe the nature of the financial hardship (for example, job loss, reduction in income, or increased costs due to healthcare or the need to care for a family member).”
The Homeowner Assistance Fund provides:
- A minimum of $50 million for each state, the District of Columbia and Puerto Rico
- $498 million for Tribes or Tribally designated housing entities and the Department of Hawaiian Home Lands
- $30 million for the territories of Guam, American Samoa, the U.S. Virgin Islands, and the Commonwealth of the Northern Mariana Islands