(WJHL) — The Tennessee Housing Development Agency announced a new program aimed to help those struggling to keep up with mortgage payments due to COVID-19-related financial hardships.
A release from the department states it launched the Tennessee Homeowners Assistance Fund (TNHAF) as part of the American Rescue Plan, with over $168 million to fund the program.
“We think this funding will go a long way in helping homeowners in Tennessee who haven’t been able to make their mortgage payments through no fault of their own,” said THDA Executive Director Ralph M. Perrey. “We look forward to working with eligible homeowners, as well as banks and lenders throughout the state, to make sure that Tennesseans are able to pay money they owe and avoid foreclosure on their homes.”
THDA cited CoreLogic, stating that 3.3% of Tennesseans are late by more than 90 days on their mortgage payments.
With the installment of the new program, recipients can apply for and receive assistance up to $40,000 per household for past-due mortgage payments, property taxes, insurance premiums, HOA fees and other housing costs.
Tennessee homeowners with a household income less than $119,850 and who have experienced financial hardship due to the pandemic may apply for assistance.
Qualifying hardships include unemployment or expense increases related to COVID-19.
To apply, CLICK HERE.