Businesses, renters and the uninsured weren’t the only people impacted by the last two years of the COVID-19 pandemic. Homeowners — perhaps delinquent on mortgage payments, insurance costs, property taxes, utility statements or association fees — found themselves struggling just as much in a languishing economy.
Relief could be on the way.
Beginning Monday and in a partnership with the Kentucky Housing Corporation, the Team Kentucky Homeowner Assistance Fund has gone into effect — in what is an $85.4 million program through the American Rescue Plan Act aimed at assisting anyone lagging behind in financial upkeep.
Those who qualify can receive up $35,000 in grants, which are paid directly to servicers and administrators as a buy-back of the debts owed.
Governor Andy Beshear noted more than $100 million has already been paid out for renters since March 2020, in an effort to keep people in their homes, and more than $95 million yet remains for renters in the coming years.
Now, Beshear said, is a time to help those in more permanent situations.
Each applicant will be assigned to a housing counselor, who will then walk the homeowner through the submission process — including gathering and signing documents, while answering key questions.
Before applying, it is advised that homeowners contact their mortgage servicer to weight the options, and see what would provide the best long-term solution.
To qualify for the Team Kentucky Homeowner Assistance Fund, applicants must:
■ Be able to document a financial hardship after Jan. 21, 2020, due to COVID-19;
■ Live at the residence as their principal residence and have lived there at the
time of the hardship;
■ And have an income at or below 150% of the area median income.
Documentation required includes:
■ Income verification (paystubs, W2s, 1099s, 2019 tax filings, employer attestation);
■ Home valuation information (e.g. tax assessment, appraisal, asset statements).
The program is available until all funds are expended or Sept. 30, 2025, whichever comes first.
