Homeowners who are behind on their mortgages, essential services, or resident association dues starting today can apply for up to $ 21,000 in direct help, if they had losses due to the pandemic and their income does not exceed $ 79,900 annually.
“Take advantage, order quickly because the quantity is limited. We understand that we can help 5,000 (homeowners), ”exhorted Governor Pedro R. Pierluisi, announcing the new Homeowners Assistance Program.
The haste responds, as he explained, to the fact that by population proportion Puerto Rico received $ 75.6 million, But a necessity study conducted by the Housing Finance Authority (AFV) found that $ 232 million would be needed for all homes with delinquencies to receive help.
The funds come from the American Rescue Plan Act of 2021 (ARPA).
Homeowners can process their application at http://register.covidhipotecas.com or call from 8:00 am to 5:00 pm Monday through Friday at 1-888-887-7234 for assistance in completing the application.
Regarding the amounts, the beneficiaries can receive help for several lines of expenses, with the exception that the maximum per domicile is of $21,000, PIerluisi explained. As detailed, this maximum can be fully applied to resolve the delinquency in the first mortgage of the main home. However, for other expenses the limits are different. If the aid goes to the second mortgage, the maximum is $3,000. To cover property taxes, insurance, levies, or condominium or resident association payments, as well as delays in water and power services, the limit is $9,000.
For his part, Secretary of Housing (DV) William Rodríguez thanked the agency’s team because the inclusion of Puerto Rico in this program, which in the United States is known as HAF, entailed “a process of submitting a plan to the federal government. and it was quickly approved ”.
In turn, he recalled that the program of Rent Help, Aimed at helping people who have delays in renting their homes due to loss of income.
As indicated, this CARES Act program has $ 325 million, of which $ 80 million has already been disbursed that have benefited more than 30,000 families.
What does it take to be eligible?
- Owner you have to be behind on at least one payment related to home ownership obligations (mortgage / home loan payment, property taxes, home related insurance, utilities, homeowner / condo association fees, etc.)
- There must be experienced financial hardship lAfter January 21, 2020, associated with the COVID-19 pandemic.
- Own and occupy your property as your rmain residence In Puerto Rico.
- The kind of property must be eligible (living or individual trust).
- The household income must not exceed 150% of the area’s median income. The Treasury requires that at least 60% of the funds be available to households with an income less than or equal to 100% of the Area Median Income ($ 79,900) or 100% of the United States, whichever is greater. Owners who do not meet this requirement, but are socially disadvantaged may be eligible for assistance.
- Reside in an eligible property type: single family home, condo, or mobile home (attached, not attached).
- The balance of the loan, at the time of origination, cannot exceed the established limits by Fannie Mae / Freddie Mac for compliant loans.
What expenses are eligible?
- Financial assistance to address delinquency of the first and second mortgage.
- Assistance for mortgage payment.
- Homeowner taxes, insurance, flood insurance and mortgage insurance.
- Homeowners association fees or levies, condo association fees or common charges.
- Assistance with i paymentProperty taxes in arrears to avoid homeowner tax foreclosures.
- Assistance with public services such as electricity and water.
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