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North Carolina opens $273 million fund to help homeowners pay bills and other housing-related expenses

By on February 1, 2022 0

CHARLOTTE, NC (WBTV) – The North Carolina Homeowners Relief Fund is now accepting applications from landlords whose finances have been impacted by the pandemic and who need assistance with housing-related expenses.

Established through the US bailout 2021 to prevent mortgage defaults, defaults, shifts and foreclosures for homeowners experiencing financial hardship due to the coronavirus pandemic, the Fund is offering assistance of up to $40,000 to qualifying homeowners as long as the funding is available.

This program is supported, in whole or in part, by Federal Award Number HAF0019 awarded to the State of North Carolina by the United States Department of Treasury. The NC Housing Finance Agency administers the program with funding provided by the NC Pandemic Recovery Office.

North Carolina received $273 million.

“The economic impact of COVID-19 has been felt by many North Carolina residents,” said Scott Farmer, executive director of the North Carolina Housing Finance Agency, which administers the NC Homeowner Assistance Fund. “This program is designed to help homeowners who are experiencing pandemic-related financial hardship keep their homes while they get back on their feet. Ensuring families have stable housing has always been our mission and it has become even more critical during this ongoing public health crisis.

For qualified owners, the fund offers:

  • Housing payment assistance for primary residence in North Carolina (for example, single family home, townhouse, condominium, or mobile home).
  • Mortgage reinstatement assistance to catch up on late payments (first or second mortgage) or other housing-related costs due to a period of forbearance, delinquency or default.
  • Assistance covering other housing-related costs such as homeowner’s insurance, flood insurance, mortgage insurance, homeowners association dues/fees, or delinquent property taxes to avoid foreclosure.

Owners may qualify if they:

  • Experienced financial hardship on or after January 21, 2020 due to the pandemic and their income is less than $79,900. (Some homeowners may be eligible with higher incomes depending on household size and county of residence).
  • Need help with expenses related to their principal residence, located in North Carolina.
  • Attesting to having experienced financial hardship due to the pandemic, including reduced income due to job loss/business closure, reduced hours, difficulty obtaining new employment, death of spouse or co-borrower or a salary reduction; or increased costs due to health care, need to care for a family member, increased childcare costs or expenses associated with quarantine.

Applicants must apply for North Carolina primary residence assistance and meet income and other requirements.

Homeowners can learn more and seek assistance by calling 1-855-MY-NCHAF (1-855-696-2423) Monday through Friday, 8 a.m. to 5 p.m. or by visiting NCHomeownerAssistance.gov.

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