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Written by Alexa Jackson

Category: What We're Thinking About Lately...

Created: 20 April 2021

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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Written by Alexa Jackson

Category: What We're Thinking About Lately...

Created: 12 April 2021

The Governor has extended The Illinois Eviction Moratorium to May 1, 2021 and the Federal Moratorium has been extended to June 30, 2021. 

Evictions can still only be filed for non-paying tenants and/or tenants who pose a threat to the health and safety of other tenants; or an immediate and severe risk to property.

Learn more here. 

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Written by Alexa Jackson

Category: What We're Thinking About Lately...

Created: 06 April 2021

The Illinois Housing Development Authority (IHDA) will administer a COVID-19 emergency rental assistance program this spring. 

The Illinois Rental Payment Program (RPP) is funded by a $500 million grant and will help tens of thousands of Illinois renters avoid eviction and stay safe in place during a public health crisis. 

IHDA is currently developing RPP with an anticipated launch date of April 2021. 

To receive financial assistance through RPP, tenants must meet all of the following conditions:

• Household’s total gross income cannot exceed 80% Area Median Income for location
• The household has experienced a loss of income due to COVID-19.

Learn more here. 

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Written by Alexa Jackson

Category: What We're Thinking About Lately...

Created: 31 March 2021

The Consumer Financial Protection Bureau (CFPB), a federal agency focused on consumer security - issued a report that warns of widespread evictions and foreclosures once federal, state, and local pandemic protections end. 

Currently, over 11 million families are behind on rent or mortgage payments. Homeowners alone are estimated to owe over $90 billion in missed payments. 

CFPB says that the federal government is going to great lengths to protect homeowners and renters. 

Recent action by the Federal Housing Finance Agency (FHFA), the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the U.S. Department of Agriculture, prohibit lenders from foreclosing on most mortgages until June 30, 2021.

After June 30, families who cannot resume regular payments will need to make arrangements with their lender to avoid foreclosure. 

Learn more here. 

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Written by Alexa Jackson

Category: What We're Thinking About Lately...

Created: 24 March 2021

Join KSN attorneys, Janelle Dixon and Kelly Elmore at 6:30 p.m.tonight for a free seminar series tailored to property managers, condo owners, homeowners, landlords, association members, and board members.

Topics include contract review, business decisions by the board, and critical changes in law.

This course is approved by the Community Association Managers International Certification Board (CAMICB) to fulfill continuing education requirements for the CMCA® certification. 

Register here.