The $1.9 trillion American Rescue Plan that President Biden signed last week contributes just under $10 billion to the Homeowners Assistance Fund that states will use to assist homeowners who are delinquent on paying their property taxes, homeowners insurance and HOA dues.
NRMLA is coordinating with various stakeholders to ensure HECM borrowers who can’t pay their taxes and insurance and are at risk of losing their homes have access to these funds.
It will take time for the states to set up the relief programs. NRMLA will report back to the membership when funds are available so that you can communicate this to any of your clients who need help.
The Department of Housing and Urban Development published a detailed analysis of what the American Rescue Plan does generally, while the National Council on Aging distributed a similar article that focuses on the law’s impact on older Americans.
COVID Relief Bill Includes Funding to Help Delinquent Borrowers
