Although the future of a fourth stimulus check is questionable, there is still a substantial amount of money available to homeowners who are having trouble paying their mortgages.
The lesser-known The Homeowners Assistance Fund (HAF) pays billions of dollars to homeowners to keep them from losing their houses. The American Rescue Plan established the HAF as part of its economic relief law.
Homeowners can avail of the HAF to assist them in paying their mortgages, taxes, association dues, and other costs connected with homeownership. The HAF even considers energy and insurance costs.
The law gives cash priority to homeowners who have been hit hard by the COVID-19 pandemic. According to the Treasury Department, local and national income data is used to maximize the impact of the disbursed money.
$10 billion funds for homeowner stimulus checks are coming
According to a Treasury Department fact sheet, "The American Rescue Plan offers approximately $10 billion for states, territories, and Tribes to give relief for our country's most vulnerable homeowners."
Per Yahoo Finance, the HAF sets aside $50 million for each state, the District of Columbia, and Puerto Rico. It also allocates $498 million for Tribes or Tribally-designated housing agencies and the Department of Hawaiian Home Lands. Guam, American Samoa, the US Virgin Islands, and the Commonwealth of the Northern Mariana Islands each have $30 million available.
Homeowners who have endured financial hardship after January 21, 2020, and have an income equal to or less than 150 percent of the area median income are eligible for HAF funds.
According to the Treasury Department, this corresponds to three times the income ceiling for extremely low-income families for the applicable family size, as stated by HUD.
Homeowners should also demonstrate the nature of the financial difficulty, such as a job loss or income loss, or healthcare expenditures. The mortgage debt must be less than $548,250 in 2021 to qualify.
There are also other more stimulus bonuses, some of which average taxpayers may be unaware of, as per BGR via MSN. An example is that the IRS will begin sending a monthly series of new stimulus checks in a little over a month, although they are not officially the fourth round of payments. They include an increase in the federal child tax credit from the $1.9 trillion stimulus package signed by Biden in March.
Are you eligible for the secret stimulus payment?
Priority is given to homeowners with incomes of less than or equal to 100% of their area's median income or 100% of the national median income, whichever is larger, as well as those who are "socially disadvantaged."
According to Tom's Guide, you must meet the necessary conditions to be eligible for money from the Homeowner Assistance Fund:
- You are the owner of your home.
- You have a mortgage that is less than $548,250 in balance.
- In 2021, you are facing financial difficulties, such as a job or income loss.
- You can supply the paperwork that your state requires.