A fourth stimulus check from the federal administration remains uncertain at this stage, but homeowners could be in for some financial relief through an assistance fund.
The Homeowner Assistance Fund (HAF) has been set up to stave off mortgage defaults and delinquencies, utility, and home energy service loans, and foreclosures. It is also meant to prevent homeowners from being displaced due to financial hardship faced after the pandemic struck at the beginning of 2020.
The stimulus check under this law will go out to people who have faced the maximum hardship. The national and local indicators of income will be leveraged to capitalize on the impact of this stimulus check for homeowners.
Homeowner Assistance Fund Stimulus Check By State
While The Homeowner Assistance Fund is dissimilar to the stimulus checks issued under the American Rescue Plan Act, the same act under which the third stimulus check of $1,400 was issued. Around $10B has been set apart for this plan for homeowners.
The Homeowner Assistance Fund is overseen by the US Treasury Dept. it is administered by states, territories, and tribes. Around 43 states and territories have launched the homeowner programs and the remaining states are working diligently to have their programs sanctioned, approved, and up and running at the earliest.
To prevent delays in assistance to homeowners, some states have even taken the initiative to administer pilot assistance programs even as they finalize their full program under the HAF.
Several states have even initiated dashboards for information, and to track and communicate the progress of the program under the HAF. This includes the number of applications received by the authorities and the total funds dispensed.
While the amount allocated to participating states, territories, and tribes varies, each of them will receive a minimum of $50M. Tribes, the designated housing schemes of tribals, and also the Dept. of Hawaiian Homelands received $498M. American Samoa, Guam, Northern Mariana Islands, and the US Virgin Islands received $30M.
While 10% of the amount has already been allocated for pilot programs, the rest will be sanctioned after the implementation plans are submitted and reviewed.