Wyoming Begins Homeowner Assistance Fund Process
On Tuesday, the Wyoming Department of Family Services (DFS) said it was seeking comment for the Homeowners Assistance Fund, a program for homeowners who have delayed payments due to the pandemic.
The program will use $ 50 million of funds provided by the federal government as part of the US bailout to give to homeowners, of which $ 10 million will be used for administrative, consulting and legal costs.
A municipal webinar is also scheduled for September 1, the fourth to date, where DFS will solicit public input on how to run the program.
Based on a draft plan, the state will make one-time payments for overdue payments, with assistance up to $ 15,000 to cover those behind on their mortgages.
The project also includes a number of eligibility conditions, including: household income must be equal to or less than 150% of the region’s median income, property must be the primary residence, owner must have experienced financial hardship related to Covid after January 21, 2020, the owner must be in default of at least one payment, including due to a forbearance period, and the loan must be the first lien on the property.
The DFS plans to submit a plan to the US Treasury on September 8 on how they will administer the program, and the program will then be operational as soon as possible sometime after that date.
According to the project, as of May 2021, Wyoming had a 4.2% default rate, with as many as 1,923 Federal Housing Administration loans unpaid in the past 30, 60 or 90 days.