The United States Department of the Treasury has approved California’s plan to provide $ 1 billion in mortgage relief, paving the way for the California Mortgage Relief Plan to help up to 40,000 distressed homeowners, according to a statement from the Office of Governor Gavin Newsom.
“We are committed to supporting those hardest hit by the pandemic, and that includes homeowners who have fallen behind on their housing payments,” Newsom said in a statement. “No one should have to live in fear of losing their home, which is why we are dedicated to helping struggling homeowners provide them with the resources they need to cover overdue mortgage payments. “
California has already provided assistance to tenants and landlords, he noted.
“Now with our mortgage relief program in California, we are extending that relief to homeowners,” he said.
The program will help homeowners make past due home payments – up to a maximum of $ 80,000 per household – by making a direct payment to mortgage agents.
The funding, which is allocated through the American Rescue Plan Act Homeowner Assistance Fund, is provided in the form of a one-time grant that qualified homeowners will not be required to repay.
Californians at or below 100% of the median income for their county area, who own a single-family home, condo, or manufactured home, and who have faced pandemic-related hardship after January 21, 2020, may be eligible for the program.
Applicants can visit the California Mortgage Relief Program at CaMortgageRelief.org for more information. Online applications will be available soon.
This story was originally published 20 December 2021 13:04.