News

Northam Extends Mortgage Relief Effort in Virginia

Thursday, Dec. 30 — The Commonwealth of Virginia received more than $258 million through the U.S. Department of the Treasury’s Homeowners Assistance Fund to support homeowners facing housing instability resulting from the COVID-19 pandemic.

“Providing housing stability and supporting Virginia homeowners is of the utmost importance right now as we continue to advance our recovery efforts from the pandemic,” said Virginia Housing Chief Executive Officer Susan F. Dewey. “This program will protect homeowners at risk of losing their homes thereby strengthening our communities and our economy and improving the lives of many Virginians across the Commonwealth. Our mission is to help Virginians attain quality, affordable housing and foster successful homeownership, and this program directly aligns with our goals by providing vital financial support to homeowners during a time of great need.”     Eligible homeowners must have experienced a reduction of income or increase in living expenses after January 21, 2020 and must currently own and occupy the property as their primary residence. In addition, there are maximum income limits and other eligibility requirements.     

Funds from the Virginia Mortgage Relief Program will be distributed directly to mortgage lenders and servicers, contracts for deed holders, county treasurers or local taxing authorities, property insurance companies, and homeowner and condominium associations. Utility assistance is not an eligible expense under the Virginia Mortgage Relief Program but is available under other state, local, or private sector programs.