Frisco April 2022

REAL ESTATE Texas homeowners could receive up to $65K for late payments

BY MATT PAYNE

While the state department is aiming to have checks cut at least 15 to 20 days after an application is sent, Straley said that timeframe could vary upon circumstance. Tanya Birks, the Department of Housing program director, said while the program is open to homeowners across the state, application priority will be given to “persistent-poverty” counties. A county is considered to be in persistent poverty if a poverty rate of at least 20% has been recorded for at least 30 years. “The way it’s going to work with the application process is it’s kind of like a rst-come, rst-served [basis] as people get online and start apply-

Homeowners in Texas who have faced nancial hardships due to the COVID-19 pandemic may soon receive up to $65,000 in aid each from a new source of state-facilitated assistance. The Texas Department of Housing and Community Aairs has launched a homeowner assistance program to distribute $842.2 million in funds to help pay late fees. Money for the new program comes from the homeowner assistance fund under the American Rescue Plan Act of 2021. According to the state department, eligible homeowners can receive up to $40,000 for mortgage assistance as well as up to $25,000 for past due property tax,

A total of $842.2 million from the state of Texas will be donated on behalf of homeowners behind on mortgage, insurance and homeowners association payments.

MATT PAYNECOMMUNITY IMPACT NEWSPAPER

PROGRAMQUALIFICATIONS Homeowners may receive assistance if they meet the following qualications. Further qualications may apply.

ing,” Birks said. “But at the same time, individuals that fall within those dierent priority categories, those applications will be considered rst.” According to Birks, the nancial

Have fallen at least 30 days behind on mortgage loan, property tax, property insurance or HOA fees

Have a household income at or below 100% area median income (AMI) or 100% of the median income for the United States, whichever is greater Have experienced a qualifying nancial hardship after Jan. 21, 2020, such as lost income or increased expenses due to the pandemic

property insurance, homeowners asso- ciation or condo association fees. State department representatives met with Collin County stakeholders Feb. 18 at the Credit Union of Texas in

“JUST KEEP IN MIND THAT THIS PROGRAM ISMORE ABOUT LONG TERMCOMMUNITY RECOVERY.” TANYA BIRKS, DEPARTMENT OF HOUSING PROGRAM DIRECTOR

Own and occupy a home in Texas as a primary residence

SOURCE: TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRSCOMMUNITY IMPACT NEWSPAPER

“I know that with these grant pro- grams, there’s always so many little nitpicky things, and that’s why there’s always so many questions,” Birks said. “But with this one, just keep in mind that this program is more about long- term community recovery.” The goal of the program is to expend all funds by 2026, according to Birks. Homeowners can learn more about the program at

www.texashomeownerassistance.com and apply for assistance through an online application portal. Assistance is available via phone at 1-833-651-3874. Applicants are required to submit an identication card, such as a driver’s license, alongside past- due mortgage statements. Those applying for aid are also required to submit proof of occupancy and income.

Allen to discuss the new initiative and described it as a means to prevent displacement and foreclosures related to the pandemic. Once applications are processed, money will be sent on behalf of homeowners directly to HOAs, tax assessor-collectors, insurance com- panies and loan servicers, according to Michelle Straley, a senior nancial analyst with the state department.

assistance will be distributed

through partnerships between the state housing department, and local nonprots and city governments throughout the state. Birks added that the state is also “not going to try to come in and butt heads” given that organizations on the local level have programs already in place to reach residents facing nancial hardship.

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