Officials in Texas have launched a “Texas Homeowner Assistance Fund” to assist homeowners who have fallen behind on mortgage payments and other housing expenditures due to the outbreak.
Around $700 million in federal assistance are available to help people catch up on their mortgage payments, property taxes, mortgage insurance, and HOA fees.
Apply For The Texas Homeowners Stimulus Check
The funds will be given out as stimulus checks to eligible homes rather than as a loan that must be repaid. A family can get up to $40,000 in mortgage payment help, as well as up to $25,000 in property tax, insurance, and HOA costs.
Two pilot stimulus check projects were running before the statewide rollout this week. More than $5 million has been distributed through these initiatives.
As part of the Biden Administration’s American Rescue Plan, Congress granted roughly $10 billion in mortgage relief funding in 2021. As the epidemic wreaked havoc on the economy, it was part of a plan to avoid a foreclosure disaster. Texas got $842 million for the stimulus check program, with the majority of money going to directly assist homeowners.
Texas took more than a year to obtain its part of the cash and implement its program across the state.
Mortgage forbearance is available to homeowners who cannot pay their mortgages on time. Forbearance is a legal term that stops a bank from foreclosing on a homeowner who has fallen behind on their payments. Any payments that have been missed must be made up.
Renter aid has been accessible since early 2021, albeit the state’s program is no longer accepting applications due to a lack of money. However, rental aid subsidies are still accessible in most of the state’s main cities and counties. Some cities, such as Arlington, Austin, and San Antonio, have run out of reserves. Although federal eviction protections for tenants expired this summer, a few localities and counties still maintain some renter safeguards from the epidemic period.