North Carolina opens $273 million fund to help homeowners pay bills, other housing-related expenses

CHARLOTTE, N.C. (WBTV) - The North Carolina Homeowner Assistance Fund is now accepting applications from homeowners whose finances were impacted by the pandemic and who need assistance with housing-related expenses.

Established through the 2021 American Rescue Plan to prevent mortgage delinquencies, defaults, displacements and foreclosures for homeowners experiencing financial difficulties due to the coronavirus pandemic, the Fund offers assistance of up to $40,000 for qualified homeowners as long as funding is available.

This program is being supported, in whole or in part, by federal award number HAF0019 awarded to the State of North Carolina by the US Department of the Treasury. The NC Housing Finance Agency is operating the program through funding provided by the NC Pandemic Recovery Office.

North Carolina was allocated $273 million.

“The economic impact of COVID-19 has been felt by many North Carolinians,” said Scott Farmer, executive director of the North Carolina Housing Finance Agency, which is administering the NC Homeowner Assistance Fund. “This program is designed to help homeowners who are experiencing pandemic-related financial hardships hold on to their homes while they get back on their feet. Ensuring that families have stable housing has always been our mission and that has become even more critical during this ongoing public health crisis.”

For qualified homeowners, the fund offers:

• Housing payment assistance for primary residence in North Carolina (for example, single-family home, townhome, condo or mobile home).
• Assistance for mortgage reinstatement to catch up on late payments (first or second mortgages) or other housing-related costs due to a period of forbearance, delinquency or default.
• Assistance covering other housing-related costs such as homeowner’s insurance, flood insurance, mortgage insurance, homeowner’s association dues/fees or delinquent property taxes to prevent foreclosure.

Homeowners may be eligible if they:

• Experienced a financial hardship on or after January 21, 2020 due to the pandemic and their income is below $79,900. (Some homeowners may be eligible with higher incomes depending on household size and county of residence).
• Need help with expenses related to their primary residence, located in North Carolina.
• Attest to experiencing a financial hardship due to the pandemic, including a reduction in income due to job loss/business closure, reduction in hours, difficulty obtaining new employment, death of spouse or co-borrower or reduction in pay; or increased costs due to health care, need to care for family member, increased childcare costs or expenses associated with quarantine.

Applicants must be seeking assistance for a primary residence in North Carolina and meet income and other requirements.

Homeowners can learn more and apply for help by calling 1-855-MY-NCHAF (1-855-696-2423) Monday–Friday, 8 a.m. to 8 p.m. or by visiting NCHomeownerAssistance.gov.

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