Stimulus checks for homeowners: here’s who qualifies for the economic benefit
Millions of people are still receiving the third round of stimulus checks and additional payments, while parents with eligible co-dependents will start receiving the child tax credit from mid-July to mid-December. There is another economic relief that some Americans may be entitled to that they probably don’t even know is a thing. It is stimulus money given to some homeowners.
The US bailout, which included the third round of stimulus checks, was signed by President Joe Biden on Thursday, March 11. The following week, millions of eligible Americans were deposited $ 1,400.
The Homeowners Assistance Fund (HAF) is part of the bill, which will help homeowners struggling with their mortgages. The fund includes assistance to those facing defaults and foreclosures, due to the economic crisis caused by the coronavirus pandemic.
According to IRS, the HAF aims to “prevent payment defaults and defaults, foreclosures, loss of utilities or household energy services, and displacement of financially distressed homeowners after January 21, 2020. HAF funds can be used for mortgage payment assistance, homeowner’s insurance, utility payments and other specified purposes. The law prioritizes funds for homeowners who have experienced the greatest hardship, leveraging local and national income metrics to maximize impact.
the IRS further indicates that the fund provides:
• A minimum of $ 50 million for each state, the District of Columbia and Puerto Rico
• $ 498 million for Tribes or Tribal Designated Housing Entities and the Department of Hawaiian Home Lands
• $ 30 million for the territories of Guam, American Samoa, the US Virgin Islands and the Commonwealth of the Northern Mariana Islands
The New York Times reported in April that more than 3 million households were behind on their mortgage payments. The fund could help millions of people facing foreclosures and other household-related economic hardships.
According to Yahoo! Finance, owners who have been experiencing economic difficulties since January 21, 2020 are eligible for the fund. To receive the economic benefit, owners must provide proof of loss of income, unemployment or other forms of financial hardship.
Therefore, unlike other forms of stimulus money, homeowners must apply for the HAF allowance and prove their eligibility through the application. Owners should contact the housing agency in their state to request this benefit. Homeowners should consult the Website of the National Council of State Housing Agencies to help you apply.