SACRAMENTO – Gov. Gavin Newsom Dec. 20, announced that California’s plan to provide $1 billion in mortgage relief grants to tens of thousands of homeowners who have fallen behind on housing payments or reverse mortgage arrearages during the COVID-19 pandemic has been approved by the U.S. Department of the Treasury, clearing the way for a full program launch in the coming weeks.
The California Mortgage Relief Program will help an estimated 20,000 to 40,000 struggling homeowners, with funds reserved for homeowners in socially disadvantaged and underserved communities often hit hardest by the pandemic.
Through the mortgage relief program, past due housing payments will be covered in full – up to a maximum of $80,000 per household – with a direct payment to qualified homeowners’ mortgage servicers. The financial support is provided as a one-time grant that qualified homeowners will not have to repay, so that they can get caught up and have a fresh start. Funding for the program is allocated through President Biden’s American Rescue Plan Act’s Homeowner Assistance Fund.
The California Mortgage Relief Program will be a part of California’s Housing is Key program and is designed to work in tandem with several existing state and federal initiatives and programs to support residents facing difficulties as a result of the COVID-19 pandemic.
Californians at or below 100 percent of their county’s Area Median Income, who own a single-family home, condo or manufactured home (permanently affixed) and faced a pandemic-related financial hardship after Jan. 21, 2020, may be eligible.
The California Mortgage Relief Program will begin accepting applications in the coming weeks through an online portal at CaMortgageRelief.org. Interested applicants can visit the website to review program and eligibility information leading up to the launch of the application portal.
A detailed description of California’s program, as approved by the U.S. Department of the Treasury, can be viewed here.
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