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Governor Announces Emergency Rental and Mortgage Assistance Programs
GOVERNOR ANNOUCES EMERGENCY RENTAL AND MORTGAGE ASSISTANCE PROGRAMS
On August 10, Governor Pritzker released guidelines for emergency assistance for both renters and homeowners unable to make rent or mortgage payments due to a loss of income related to the pandemic. Many people have experienced layoffs, furloughs, or reductions in pay due to COVID-19 that could qualify them for this assistance. The programs are funded through Illinois’ allocation of federal Coronavirus Relief Funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
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Due to high demand, the emergency rental assistance program (details can be found at era.ihda.org) will likely be closed by the time you receive this publication. However, the emergency mortgage assistance program does not begin until August 24.
EMERGENCY MORTGAGE ASSISTANCE PROGRAM Applications will be available beginning August 24, 2020, at 9 am for the Emergency Mortgage Assistance Program (EMA). The program will assist homeowners who have experienced a COVID19-related loss of income resulting in past due mortgage balances beginning in March 2020. Approved applicants will receive up to $15,000 paid directly to their mortgage servicer. Assistance will cover homeowner’s past due or forbearance balance and their regular mortgage payments through December 30, 2020, or until the funding is exhausted, whichever comes first.
Payments may include all escrowed first mortgage expenses including property taxes and insurance. The assistance will be in the form of a grant and repayment will not be required. Applications for EMA will be accepted from August 24 through September 4. Due to anticipated high volume, the application window will likely close prior to September 4. The Illinois Housing Department Authority will use a third-party entity to select a pool of applications to be reviewed for eligibility. Further details and the application can be found online at: ema.ihda.org.
Please share this information with employees, colleagues, or others who may qualify.
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