Home Latest News Homeowner Stimulus Relief Program: How does it work in August 2022? –...

Homeowner Stimulus Relief Program: How does it work in August 2022? – Marca English

Editions:
En/lifestyle/us-news
There for vulnerable homeowners
A fund has been put in place to try and help homeowners keep on top of their payments and avoid foreclosures.
The American Rescue Plan Act provides up to 9.961 billion dollars for states, the District of Columbia, U.S. territories, Tribes or Tribal entities, and the Department of Hawaiian Home Lands to provide relief for American homeowners that are at risk of falling behind on payments.
The listed reasoning behind the formation of the Homeowner Assistance Fund (HAF) is to prevent mortgage delinquencies and defaults, foreclosures, loss of utilities or home energy services, and displacement of homeowners experiencing financial hardship after January 21, 2020.
Funds from the program are allowed to be used for assistance with mortgage payments, homeowner’s insurance, utility payments and more.
The law prioritises funds for homeowners who have experienced the greatest hardships, leveraging local and national income indicators to maximise the impact.
The HAF provides a minimum of 50 million dollars for each state as well as the District of Columbia and Puerto Rico.
It also provides 498 million dollars for Tribes or Tribally designated housing entities and the Department of Hawaiian Home Lands.
There is also 30 million dollars for the overseas territories of Guam, American Samoa, the US Virgin Islands, and the Commonwealth of the Northern Mariana Islands.
The guidance on the reimbursement of certain qualified expenses was updated by the Treasury on the government website on August 8.
All HAF plans have to be submitted through the online portal on the government website rather than by mail or phone.
The USA has got 14 different territories that are scattered throughout the Caribbean Sea and the Pacific Ocean and the HAF scheme is an example of how the government must spread help far beyond the land borders of America. Puerto Rico is the most populous of the 14 US territories.
© Unidad Editorial Información Deportiva, S.L.U. All rights reserved.
Follow us

source

Previous articleBitcoin tops psychological $20,000 level in 'bearish rally' as U.S. dollar falls – CNBC
Next articleFull Moon Guide: June – July 2022 – NASA Solar System Exploration – NASA Planetary Science