Minneapolis and Hennepin County Launch Mortgage Relief Program
Minneapolis and Hennepin County this week launched a foreclosure prevention program that offers eligible homeowners up to $ 35,000 for previous mortgage payments, property taxes and utility bills accumulated during the pandemic.
The $ 4.3 million program will be funded by targeted federal funding for issues related to COVID-19. A significant portion of applicants are expected to come from families of four who earn less than $ 52,000 per year.
While tens of millions of dollars have been distributed by Hennepin County in rent assistance since 2020, the number of homeowners seeking assistance under the program is expected to be much lower as they typically have household incomes. and higher property equity, said Julia Welle Ayres, regional director of housing development and finance.
“Our homes are our refuge. Whether we rent or own, maintaining housing stability is essential to ensure the safety of our residents and their families,” Hennepin County Board Chairperson said Tuesday, Marion Greene, in a press release.
Before homeowners are considered for financial assistance from the Hennepin Property Preservation Program, they will be referred to a foreclosure prevention advisor. The counselors come from a network of community organizations that work with the Minnesota Homeownership Center, which has worked for more than 20 years to help households avoid foreclosure.
Payments will be made directly to the entity that owes the funds. Some conditions include: Applicant must face a housing emergency and financial loss due to COVID-19. Applicants must be able to demonstrate their ability to pay housing expenses in the future.
Previous invoices eligible for financial relief must have due dates between January 21, 2020 and 15 days after initial admission to the program.
In addition to mortgage bills and utility bills, help may include homeowner’s association dues, the rent of manufactured home lots and the contract for deed payments and late and legal fees required to prevent foreclosure.
“The economic outcomes of the pandemic have had a disproportionate impact on low-income residents of Minneapolis, and this program is a critical part of our commitment to a fair economic recovery plan,” said Minneapolis Mayor Jacob Frey in a statement. Registration for the program can be made online at HennepinHPP.com, or by calling 651-236-8952.
David Chanen • 612-673-4465