Most Americans have now received three stimulus checks to help out with financial struggles amid the coronavirus pandemic, but there’s a little-known way to get more relief if you’re a homeowner.
The recent $1.9 trillion stimulus package, known as the American Rescue Plan, includes a “secret” stimulus check called the Homeowners Assistance Fund. According to Money Wise, nearly $10 billion has been set aside for direct financial assistance to help homeowners pay their mortgages, taxes, utilities, insurance and homeowners association dues.
Forbes reports the U.S. Treasury Department is sending money to states to distribute the money through state housing agencies. The amount of aid per state depends on how many late mortgage payments and foreclosures have been reported, along with unemployment statistics and related data.
As of February, nearly 3 million homeowners are behind on their mortgage payments and approximately 2.1 million are in forbearance.
Every state will get at least $50 million from the Homeowners Assistance Fund. According to the Treasury Department, New York state is set to receive $539.5 million, behind only California ($1.06B), Florida ($676M) and Texas ($842M).
“It’s a significant amount of funds,” said Kerry Quaglia, CEO of Home HeadQuarters, Inc., in Syracuse.
Here’s how to qualify: You must own your home and have a mortgage with a balance of less than $548,250 (as of 2021). You’ll be required to contact your state housing agency to apply; Quaglia says New York state is developing a system for how eligible homeowners can begin doing that soon.
According to Forbes, at least 60% of the aid must be allocated to mortgage borrowers with an income that is less than the national median income or the respective local median income, whichever is higher.
The relief will be in addition to the federal moratorium on mortgage foreclosures due to the Covid-19 pandemic; in New York state, a moratorium on residential and commercial foreclosure proceedings is currently in place through Aug. 31, 2021. Forbes recommends contacting your bank or mortgage loan servicer to get forbearance for up to 18 months.
Yahoo! Finance reports the funds must be used by Sept. 30, 2025. Illinois was one of the first states to announce a mortgage assistance program for its residents, with up to $25,000 for homeowners.
The Homeowners Assistance Fund is part of President Joe Biden’s American Rescue Plan, which passed in March and included expanded unemployment benefits through Sept. 6 at $300 a week; $60 billion towards Covid-19 testing and vaccine distribution; $130 billion to help schools reopen safely; $25 billion to help bars and restaurants; $7.25 billion for the Paycheck Protection Program; $350 billion in emergency funding for state, local and territorial governments; $30 billion to help low-income households and the unemployed afford rent and utilities; Child Tax Credits worth up to $3,600 per child; and a third round of stimulus checks worth up to $1,400 per person.
A fourth round of stimulus checks is also possible. The White House says it’s up to Congress; CNET reports a small number of Congress members started asking for more direct payments to Americans this month, but it remains unclear if it will get enough support.
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