New Program In Texas Aimed At Rescuing Struggling Properties.

[Humberto Valle]

I'm thinking house hackers can probably take advantage of this tax incentive being offered as a pilot program by the State of Texas. 

--

El Paso homeowners who have fallen behind on their mortgage payments or are at risk of foreclosure due to the COVID-19 pandemic can apply for financial assistance from the Texas Homeowner Assistance Fund program.

The new program is administered by the Texas Department of Housing and Community Affairs with funding provided by the Homeowner Assistance Fund under the American Rescue Plan Act of 2021.

TXHAF will provide eligible homeownerswith grants to pay past-due mortgage payments and propertytaxes, insurance, and HOA fees. The program will provide up to $40,000 per household for eligible homeowners to pay past-due mortgage payments, and up to $25,000 per eligible household for late property taxes, insurance, and HOA fees.

Homeowners may be eligible for assistance under TXHAF if they meet the following criteria:

Have fallen behind on one or more of the following payments:

• Mortgage loans
• Property taxes
• Property insurance
• HOA/condo association fees

• Have a household income at or below 100 percent Area Median Income (AMI) or 100 percent of the median income for the United States, whichever is greater
• Own and occupy a home in Texas as a primary residence
• Experienced a qualified financial hardship after January 21, 2020,such as lost income or increased expenses due to the pandemic
• Additional program requirements will apply

Required documents are:

• Identification card (driver's license)
• Mortgage statement
• Proof of occupancy (utility bill)
• Income documentation (paystubs)

MORTGAGE PROGRAM

• Aids eligible Texas homeowners with qualified hardships to pay past-due mortgage payments, including eligible amounts advanced by a mortgage servicer.
• Maximum assistance of $40,000 per household.

PROPERTY CHARGE DEFAULT PROGRAM

• Aidseligible Texas homeowners with qualified hardships to pay past-due property taxes, property insurance and HOA or condo association fees.
• Maximum assistance of $25,000 per household.

Homeowners interested in applying for the TXHAF program when available will be required to apply in person or through an online portal.

For more information, visit https://www.texashomeownerassistance.com/.

##