Inflation is causing financial strain for American households, especially for homeowners. Many hope for financial relief after the COVID-19 pandemic led to increased mortgage payments.
Many Americans received multiple stimulus checks and funds during the pandemic, and are now wondering if Congress will also help homeowners. The American Rescue Act, passed by President Biden, provided $10 billion to the states and District of Columbia through the Homeowner Assistance Fund (HAF), as stated in an article published by U.S. Department of the Treasury.
To distribute the funds, the states have put in place various systems and programs. In general, a person must have an income below 100% of the median income for the entire United States to be eligible to receive the funds. Additionally, the homeowner’s mortgage balance must be $548,250 or less in order to qualify.
Homeowners may be able to save over $300 per month by refinancing their mortgage, according to the National Council of State Housing Agencies. They have announced that these programs will be available soon and encourage people to check their website for updates.