COVID Impacting Your Home Finances? You May Qualify for Help.

COVID-19 was a one-two punch for a lot of us, not only putting health at risk, but also homes. As an educator of community association volunteer boards*, it’s an important part of my job to share news that makes a difference to homeowners and associations. And I have good news that will have an enormous impact on our friends and neighbors.  The State of North Carolina has recently won approval of its Homeowners Assistance Fund from the federal government, a part of President Biden’s 2021 American Rescue Plan that provides money to homeowners facing financial challenges due to COVID. Qualified homeowners can request up to $40,000 in financial aid to prevent mortgage delinquencies, defaults, displacements and foreclosures. An important part of this fund includes assisting owners in paying their HOA and condo dues, preventing possible foreclosure and keeping them current with their community association policies.

 North Carolina’s $273 million Fund provides temporary and permanent relief for people living in single-family homes, townhomes, condos, and mobile homes–both homeowners and those without a mortgage. It includes mortgage reinstatement to catch up on late payments and other housing costs due to forbearance, delinquency, or default.  The Fund will also pay for homeowner’s insurance, flood insurance, mortgage insurance, and delinquent property taxes to prevent foreclosure. Additional financial hardships that may qualify for assistance include job loss/business closure, fewer hours or lower pay, difficulty finding a new job, death of a spouse or partner, and increased expenses due to the pandemic, such as health care, caring for a family member, higher child care costs, and increased overall costs due to quarantine. Best of all, there is no repayment of qualified assistance.   

 As Chairman of the Community Association Institute’s (CAI) Legislative Action Committee for North Carolina, we had numerous interactions with federal and state officials about this much-needed Fund. I’m proud that our team’s efforts were a vital part of getting community association fees included in this crucial program. But more importantly, I’m proud of how we worked together during these COVID times to lighten the financial burden people are carrying and relieve some of their anxiety. That’s what good neighbors do...and good neighbors are what community associations are all about. 

 Are you in financial trouble due to COVID? Do you need help paying your HOA dues or other housing costs?  The NC Homeowners Assistance Fund website has all the details, including frequently asked questions and eligibility/application forms. Visit https://nchaf.gov/ or call 1.855.MYNCHAF.

By:

Paul K. Mengert, CMCA, PCAM

Association Management Group, Inc.