DC is launching a mortgage payment assistance program for homeowners ineligible for forbearance through their loan servicers.
The District of Columbia Housing Finance Agency (DCHFA) will administer the DC Mortgage Assistance Program (DC MAP) to enable homeowners financially affected by the pandemic to borrow up to $5,000 per month for up to six months to make mortgage payments. The program is a new iteration of the mortgage assistance program created in 2018 in response to the federal government shutdown.
To be eligible, the relief must be for the borrower's primary residence, the borrower must have been current on mortgage payments as of March 1st, and the borrower must be able to prove loss of income due to the pandemic. The borrower must also be able to prove that they are ineligible for forbearance or relief through their lender or through Hardest Hit Funds.
“We know that for many DC families, keeping up with their monthly mortgage payments has been a tremendous struggle during these unprecedented times,” Mayor Muriel Bowser said in a statement. “By repurposing this existing assistance program, we can provide homeowners with some peace of mind and help relieve some of the financial burden during this public health emergency.”
This article originally published at http://dc.urbanturf.com/articles/blog/dc-launches-mortgage-payment-assistance-program/17177
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