$50M secured to combat MT housing crisis
Hey savvy news reader! Thanks for choosing local.
You are now reading
1 of 3 free articles.
News from the office of Senator Tester
U.S. SENATE — Amid Montana’s worsening housing crisis, U.S. Senator Jon Tester secured $50 million in American Rescue Plan Act (ARPA) funding for the Montana Homeowners Assistance Fund to help homeowners that have experienced financial hardship during the COVID-19 pandemic.
Tester was Montana’s only statewide elected official that supported the American Rescue Plan.
“The COVID-19 Pandemic exacerbated Montana’s housing crisis, but through the American Rescue Plan we’ve been able to cut costs for struggling homeowners and keep Montana’s economy strong,” said Tester. “Stable housing is critical to the well-being of families across the state, and these resources will ensure that those hit the hardest by the pandemic will be able to rebound with the rest of Montana. This is great news for folks chasing the American dream of home ownership, and I look forward to working with my colleagues on both sides of the aisle to make that dream more attainable for all Montanans.”
The Homeowners Assistance Fund was created by ARPA, and funds are now available to homeowners who experienced financial hardships January 21, 2020. Montana homeowners whose gross household income does not exceed 150 percent of the Area Median Income can qualify for funding. Additionally, 60 percent of funds available must target Montanans whose gross household income does not exceed 100 percent of the Area Median Income.
Qualified homeowners may use Homeowners Assistance Funding for the following:
- Mortgage Reinstatement: Financial assistance, in the form of an interest-free loan, to bring a mortgage account current with no remaining delinquent amounts, including payments under a forbearance plan, and to repay amounts advanced by the lender or servicer on the Borrower’s behalf for property charges.
- Lien Prevention: Financial assistance, in the form of a grant, to prevent property tax foreclosure or remove or prevent creation of other liens that would place the homeowner at imminent risk of displacement.
- Utilities/Internet: Electric, gas, home energy costs, and internet/broadband assistance.
More information on eligibility and the application process can be found at: www.housing.mt.gov/Homeownership/Homeowner-Assistance-Fund.
