The American Rescue Plan Act includes the Homeowner Assistance Fund to help Americans avoid foreclosure. Thanks to advocacy efforts, homeowners association assessments fall under eligible housing expenses when applying for the fund.

Here’s what you need to know about the Homeowner Assistance Fund:

  • The funds are appropriated to the U.S. Department of Treasury and distributed by governors to their state’s housing finance agency upon request.
  • Governors have 45 days to infom the U.S. Department of Treasury that their administration will create a program under the Homeowner Assistance Fund.
  • Under the Homeowner Assistance Fund, homeowners can receive…
    • Financial Assistance to reinstate a mortgage or to pay other housing-related costs related to a period of forbearance, delinquency, or default.
    • Payment assistance for utilities, internet service, homeowner’s insurance, and homeowners association or condominium association common charges.
  • The state housing finance agency established the framework for granting funds to homeowners.
  • It is expected that the program will be a grant given to individual homeowners and not community associations. Therefore, association boards, managers, and attorneys should direct homeowners financially impacted by the pandemic to this resource.
  • The Homeowner Assistance Fund has different requirements from Coronavirus State and Local Fiscal Recovery funds.

Learn more here.

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