There is still time for eligible Oklahoma homeowners to apply for mortgage assistance despite the fact that approximately 25 states have already exhausted their available funds.
Oklahoma Homeowner Assistance Fun
To minimize housing instability, the US government established the American Rescue Plan Act in 2021, which allocates up to $9.961 billion to each state, territory, and tribal organization in the United States.
To minimize housing instability, the US government established the American Rescue Plan Act in 2021, which allocates up to $9.961 billion to each state, territory, and tribal organization in the United States. Despite being federally funded, each state administers the funds differently.
The Oklahoma Homeowner Assistance Fund reimburses homeowners who have experienced financial difficulties as a result of the COVID-19 pandemic. It includes mortgage payments, property taxes, homeowner insurance, and homeowners association dues.
Federal Homeowner Assistance Funds must be used by September 30, 2025; however, they may run out sooner depending on the number of applicants; therefore, it is critical to act quickly.
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How To Qualify?
To be qualified, an applicant must: reside in an Oklahoma property as their primary residence; have experienced financial hardship after January 21, 2020; be at least 30 days behind on their mortgage; be able to provide proof of citizenship or a green card; be at or below 100% of the Area Median Income or be socially disadvantaged and below 150% of the Area Median Income.
If you rent, you may still be eligible for assistance. The COVID-19 rent relief program in Oklahoma has exhausted its budget and is now closed. The good news is that Oklahoma still offers two rental assistance programs:
The Housing Choice Voucher program allows eligible applicants to receive rental assistance and choose where they would like to live.
A voucher must be accepted by the landlord, and the apartment or house must pass a quality inspection. You may move to a different residence while keeping your housing voucher.
Performance-Based Contract Administration: These are affordable properties for which prospective residents must apply and meet the property’s selection criteria. You must reapply for rental assistance if you decide to move to a new residence.
Additional programs may be offered at the municipal or county level. This link will take you to the website of the National Low Income Housing Coalition, where you can view a list of local programs.
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