WASHINGTON — Millions of Americans have fallen behind on their bills because of the pandemic. One program is looking to make sure you have the funds you need to stay in your homes if you’re behind on your mortgage, but the deadline to apply is Friday, May 14, 2021.
The road to recovery from the coronavirus pandemic includes a financial bounce back for millions of Americans. The Home Saver Program is being offered by the D.C. Housing Finance Agency.
Christopher Donald, the Executive Director/CEO of the D.C. Housing Finance Agency said $4 Million is on the table to help families in need.
“You’ve got to be a resident of the District of Columbia. If they own a home here and it's their primary residence, and they're behind on their mortgage, they're either unemployed or underemployed, they can get up to 16 months of assistance, up to $60,000,” Donald said.
There’s also money for people who have returned to work, but need a boost to get out of the red. There's another component of the program called the Restore Program. If you've been unemployed but you're back on your feet, you'll be able to pay can get the assistance that way as well.
Homeowners who have suffered a financial hardship and who need a lump sum payment to catch up on arrears, but have sufficient resources to continue making their regular payments going forward.
Restore Assistance may cover any property-related payments necessary to cure a default and prevent a foreclosure, including but not limited to mortgage payments, property taxes, hazard insurance, late fees, condo fees, homeowner’s association fees and legal fees.
“The assistance does cover delinquent condo fees and HOA fees, and so, we really wanted to be comprehensive and our ability and opportunity to help as many residents as we possibly could,” Donald added.
The money comes in the form of a grant. There is no income requirement to apply. If granted the money, you don’t have to pay it back. Small landlords have also taken many financial hits throughout the pandemic, there’s relief for them, too.
“If you are a small landlord and you have residents who are living in your home, and who can't make their rental payments, they should go to that platform because there is assistance there, there are income limits,” Donald said.