September 19, 2021

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Mortgage News

Iowa unveils new programs to fund rent/utility, mortgage help in COVID-19 pandemic

Help for homeowners and renters across Iowa will be on the way soon. Kim Reynolds announced two new aid programs during her press meeting on Wednesday. One will boost rent and utilities while the other will cover mortgage payments to help prevent foreclosures. Reynolds said while the state is on the way to recovery, too many people are still living in financial trouble. “The possibility of losing your home foreclosure or eviction is a harsh reality,” she said, “and the long-term financial and emotional consequences can be devastating.” The Iowa Finance Authority will run the programs through a congressional award in the amount will be funded by 195 million US dollars. Debi Durham, director of the Treasury, said the money will cover various types of overdue notices. “Eligible types of supplies, including electricity, natural gas, propane or fuel oil, water, sewage and / or garbage disposal,” said Durham. Durham and Reynolds said the state will provide qualified applicants with up to 12 months of rental and utility assistance and up to four months of mortgage assistance up to a maximum of $ 3,600 per household. Iowans must meet a few key requirements to receive aid: Earn no more than 80% of their county’s median area income. At least one person in the household must either be eligible for unemployment benefits or have documents proving financial loss, overdue or eviction notices. Full eligibility details for both programs, including an eligibility check, can be found on this website. The imminent possibility of homelessness, Durham said, persuaded the tax authorities to provide Iowan’s resources to help them carry out the applications. “For example, we will be re-partnering with Iowa Legal Aid to provide free legal assistance to tenants who call or apply online and who are at immediate risk of eviction,” she said. Durham said rental and foreclosure aid applications will open nationwide on Monday. She also said the rental / utility relief application portal should stay open until the end of September and that the homeowner foreclosure program money will be there until the funds are depleted or there is a new federal program that Des Moines must sign up for a local program apply.

Help for homeowners and renters across Iowa will be on the way soon.

Governor Kim Reynolds announced two new aid programs during her press meeting on Wednesday.

One will increase the rent and utility bills while the other will cover the mortgage payments to prevent foreclosures.

Reynolds said while the state is on the way to recovery, too many people are still living in financial trouble.

“The possibility of losing your home to foreclosure or eviction is a harsh reality,” she said, “and the long-term financial and emotional consequences can be devastating.”

The Iowa Finance Authority will run the programs, which are funded by a Congressional award of $ 195 million.

Debi Durham, director of the Treasury, said the money will cover various types of overdue notices.

“Possible types of supply include electricity, natural gas, propane or fuel oil, water, sewage and / or garbage disposal,” said Durham.

Durham and Reynolds said the state will provide qualified applicants with up to 12 months of rental and utility assistance and up to four months of mortgage assistance up to a maximum of $ 3,600 per household.

Iowans must meet a few key requirements in order to receive the help:

  • Do not earn more than 80% of the median area income in your county.
  • At least one person in the household must either be eligible for unemployment benefit or have documents showing financial losses.
  • Show that they are currently at risk of homelessness or housing instability, including overdue or eviction notices.

Detailed information on eligibility for both programs, including an eligibility check, is available here website.

The imminent possibility of homelessness, Durham said, convinced the tax authorities to also provide Iowan’s resources to guide them through the filings.

“For example, we will be re-partnering with Iowa Legal Aid to provide free legal assistance to tenants who call or apply online who are at immediate risk of eviction,” she said.

Durham said rental and foreclosure aid applications will open nationwide on Monday.

She also said the rent / utility relief application portal should stay open until the end of September and that the homeowner foreclosure program money will be there until the funds are depleted or there is a new federal program.

Renters who live in Polk County and Des Moines must apply for a local program.