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As concerns about a recession caused by interest rate hikes rise, Gov. Ned Lamont’s office announced a new relief program for homeowners struggling with their mortgages.
The MyHomeCT program will help homeowners who have experienced financial hardships due to the COVID-19 pandemic. It is being funded by $123 million that the Connecticut Department of Housing received from the federal American Rescue Plan Act, and it is being administered by the Connecticut Housing Finance Authority.
“The public health crisis that we’ve experienced over the last two years has had a significant impact on the ability of many homeowners to pay for the costs of their housing, which is why we are dedicating this funding to provide much-needed support,” Lamont said in a statement. “Thanks to the American Rescue Plan Act and the support of our Congressional delegation, MyHomeCT will ease some of the financial burdens that homeowners have faced during this pandemic and will help ensure that their housing situation remains stable. I encourage any homeowner who has come across difficult times since the pandemic to learn more about the program and consider applying.”
The program is providing grant assistance to homeowners who have experienced difficulty meeting their mortgage obligations or other housing costs due to a COVID-19-related financial hardship. For homeowners who meet the eligibility requirements, this assistance may include bringing a mortgage current or making future mortgage payments. Assistance is also available for other associated housing costs, including but not limited to non-escrowed real estate taxes, condominium and homeowners’ association fees, non-escrowed homeowners’ insurance and municipal tax liens. Homeowners may apply for up to $30,000 in grant assistance, and payments will be made directly to the mortgage servicer or debt holder.
To be eligible, an applicant must live in Connecticut and occupy the property as their primary residence. The applicant also must have experienced a COVID-19-related financial hardship after Jan. 21, 2020, or experienced a financial hardship before that date that was then exacerbated by the pandemic. The property must be an owner-occupied, one-to-four-unit house, condominium, townhouse, or manufactured home. A complete list of eligibility criteria and program parameters can be found at chfa.org/MyHomeCT.
“Due to many unforeseen circumstances, such as job losses or the need to care for loved ones, thousands of Connecticut homeowners are now in the situation where they need assistance or they will be in danger of losing their homes,” Seila Mosquera-Bruno, commissioner of the Department of Housing, said. “The MyHomeCT program will address a great need in our state by providing direct assistance to cure or prevent mortgage delinquencies and pay for other housing-related costs.”
