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Published August 9 2021 updated August 9 2021 2 min. 12 seconds read
Summary at a Glance
Mortgage Assistance will be managed by the same departments as the current Rental assistance. Expect the same results, slow disbursements and eligibility requirements that may not offer any financial assistance or funding coverage.

Let's review the local state processes for both Rental Assistance and Mortgage Assistance and compare current procedures with update procedures published by the U.S. Treasury Department. 

"The Treasury Department is issuing this guidance regarding the Homeowner Assistance Fund (HAF), which was established under section 3206 of the American Rescue Plan Act of 2021 (the ARP).  This guidance may be updated, revised, or modified at any time, and the Secretary of the Treasury may waive the terms of this guidance in her sole discretion to the extent permitted by law."

Read this resource "American Rescue Plan Act of 2021, SEC. 3206. HOMEOWNER ASSISTANCE FUND" to understand the spirit of the law. 

"Under the HAF, Treasury will provide financial assistance in an aggregate amount of approximately $9.9 billion. Treasury has separately published information regarding the allocation of HAF funding for eligible entities."

Read and Bookmark the U.S. Treasury Departments Homeowner Assistance Fund (HAF) information page. This page will offer updates and links to the online portal. Your state should have had it's portal online collecting the number of homeowners that may need assistance. With that information your state government would ask the U.S. Treasury for enough funding to cover those who applied and are eligible to receive assistance from the HAF program.  

Resources for the HAF Program:

Updates will be added here as we get closer to the U.S. Treasury Dept. portal going active for state government. Most states that are of like minds to Louisiana will apply for the $50 million in homes the overages will be coffered by state government and fund other programs. Similar to states ending the Pandemic Unemployment and claiming the remaining outstanding unemployment as not needed then directing it to other state agencies. Louisiana successfully ended the program 6 weeks early, is set to gain administrative fees and place $220 million in state coffers to increase the maximum unemployment amount $28 dollars. State Government will use Federal Taxpayer dollars for other programs if congress doesn't put oversight on the funding. Your $50 million in mortgage assistance will be no different. The state of Louisiana successfully transferred $10 million in mortgage assistance by not making it available to persons in the state. They then declared that no one was interested and moved the federal dollars to other state departments for unrelated expenses. Keep your eyes open to your states HUD Housing offices who will be managing these applications. 

 

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