The fate of the fourth round of stimulus checks is still uncertain, but that does not mean that you will not be able to receive additional stimulus payment. In fact, some may still get a little-known or secret coronavirus stimulus check from the same aid package that provided a $ 1,400 stimulus payment. This secret stimulus check is only for those (…)
Free book preview
This book gives you the essential guide to easy-to-understand tips and strategies to achieve greater financial success.
Read for 3 minutes
This story originally appeared on ValueWalk
The fate of the fourth round of stimulus checks is still uncertain, but that does not mean that you will not be able to receive additional stimulus payment. In fact, some may still get a little-known or secret coronavirus stimulus check from the same aid package that provided a $ 1,400 stimulus payment. However, this secret stimulus check is only for homeowners.
Hedge fund letters, conferences, and more in the first quarter of 2021
Secret Coronavirus Stimulus Check For Home Owners
Biden's US rescue plan included $ 10 billion for a Homeowners Assistance Fund (HAF). The aim of this fund is to provide homeowners with assistance with mortgage payments, property taxes, and utility, insurance and homeowner community contributions.
In contrast to the stimulus checks, this fund does not directly support homeowners. Rather, it is providing the money to states, territories, and tribes, which in turn can support those struggling to pay for household expenses due to the COVID-19 pandemic.
So it is up to the states and other similar government agencies to distribute the aid to those at risk of mortgage lapse and mortgage default, power or water loss, foreclosure and eviction.
"These necessary measures will minimize foreclosures in the coming months, reduce the capacity for emergency shelters and mitigate potential COVID-19 infections," says the Ministry of Finance about the HAF.
The Homeowners Assistance Fund provides at least $ 50 million to each state, Puerto Rico, and the District of Columbia. Tribes or Tribal Homes and the Department of Hawaiian Home Lands combined are eligible for $ 498 million. American Samoa, the Commonwealth of the Northern Mariana Islands, the US Virgin Islands, and the Territories of Guam are each entitled to approximately $ 30 million.
Who is eligible and how can I apply?
To qualify for this incentive payment, your income should not exceed 100% of the region's median income or 100% of the national median income, whichever is greater. Those who are “socially disadvantaged” are given preference.
Additional requirements to qualify for assistance are: You must own your home; Your mortgage balance should be below $ 548,250 as of 2021; and you have experienced financial hardship, such as job loss or income loss due to the pandemic.
In contrast to the stimulus checks, you have to apply for this stimulus payment. To apply, you must visit your state's housing authority website. As each state would likely have its own procedures, the applicant must provide the necessary evidence and documents required by their state.
So the first thing you need to do is find and contact the HFA for your state or territory. You will then need to inquire whether or not you are eligible and how to apply for assistance.
Those living in American Samoa must contact the Territory's Housing Trust Fund. If you are a member of a recognized tribe or a native Hawaiian, you must contact the tribal government or the U.S. Office of Native American Programs. Contact the Department of Housing and Urban Development.