What would happen to your 2023 if you were given ,000 to cover housing costs incurred due to the COVID outbreak?
Although the epidemic may seem like ancient history to some, its financial aftereffects are still being felt by many.
Homeowners in New Jersey who suffered severe financial losses as a result of the epidemic can still apply for federal aid. Find out why in the next paragraphs.
Funding From the Federal Government in the Billions
Included in the American Recovery and Reinvestment Act of 2021 is the Homeowner Assistance Fund, which can distribute up to $9.961 billion to every state, territory, and tribal organisation in the United States (source).
During the economic dislocation caused by COVID-19, this programme was designed to help Americans escape foreclosure and utility shutoffs.
The federal government provides the funding, while the individual states handle programme implementation.
Qualified applicants may be able to get their mortgage, escrow, property tax, HOA fee, and homeowner’s insurance payments paid back with the money. This application portal is for New Jersey residents only. If you fit these criteria, you could be eligible:
Inhabit a home you own in New Jersey as your principal residence.
COVID-19-related economic hardship after January 21, 2020, due to decreased income or increased outlays
- You owe more than your mortgage, property taxes, or homeowner’s insurance requires; you also owe more than your condo or homeowner association requires.
- To have an acceptable level of income for your family
As of January 2020, you must have been current on your mortgage and property taxes.
- The deadline for spending federally-administered Homeowner Assistance Funds is September 30, 2025.
Need Help if You’re a Renter?
The second phase of New Jersey’s Covid-19 Emergency Rental Assistance Program is now closed due to a lack of available money.
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There is still time to submit an application in case further funding is made available in the future.
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However, those in New Jersey who are struggling can access additional forms of aid, such as:
Bill payment assistance with DCAid Services
- Aside from that, New Jersey also offers other forms of help, such as subsidies for paying utility bills and weatherization.
- Additional municipal administrations which have received rental assistance funding from the US Treasury in times of crisis.
It’s possible that there are more options for assistance at the local county and city levels. Check out this link for information on local assistance programmes offered by the National Low Income Housing Coalition.