NASHVILLE (WSMV) – The Tennessee Housing Development Agency is launching a new federally funded program that will be in place to help homeowners who are behind on their mortgage payments due to financial hardship related to COVID-19.
The Tennessee Homeowner Assistance Fund, which was established as part of the US bailout and is administered in the state by THDA, was launched Monday morning.
Over $ 168 million has been received in funding for the program.
“We believe this funding will go a long way to assist homeowners in Tennessee who have been unable 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 statewide, to ensure the people of Tennessee are able to pay the money they owe and avoid foreclosure of their house. “
According to CoreLogic, 3.3% of Tennessee mortgage holders are more than three months behind on their mortgage payments.
The delinquency rates in Middle Tennessee are as follows:
Davidson County: 3.86%
Rutherford County: 3.52%
Wilson County: 3.04%
Williamson County: 2.71%
Montgomery County: 3.90%
Sumner County: 3.11%
Cheatham County: 3.46%
The TNHAF was created to help income-eligible homeowners experiencing financial hardship related to the COVID-19 pandemic.
Recipients can apply for and receive assistance of up to $ 40,000 per household for past due mortgage payments, property taxes, insurance premiums, HOA fees, and other specified housing costs.
Homeowners living in Tennessee with incomes of less than $ 199,850 who experienced hardship after January 21, 2020 related to the COVID-19 health crisis can seek help.
Eligible hardship includes unemployment, underemployment (loss of income), the death of an occupying spouse or co-borrower, or an increase in certain expenses directly related to COVID-19.
To request help, click here.