COVID-19 hit the U.S. not only with a health crisis but a financial crisis as well. Due to the pandemic, Louisiana is offering their homeowners $25,000 each in order to help catch up on late mortgage payments. Residents who are at risk of foreclosure can apply for the Lousiana Homeowner Assistance Fund.
The Lousiana Homeowner Assistance Fund is federally funded and is for Louisiana homeowners who are having a hard time paying their mortgage payment due to COVID-19 financial impacts. The program is through the Lousiana Office of Community Development under the U.S. Department of Treasury.
The program has been funded $146.7 million in federal pandemic aid. Homeowners who are earning less than 150 percent of the area median income or 100 percent of the national median income, whichever is greater.
Statewide the amount of income per household varies. For example, a three-person household in Orleans Parish who makes less than $94,650 will be eligible. A three-person household in East Baton Rouge Parish who makes less than $107,100 can get the funding.
Any homeowner in Louisiana can apply for free by submitting an application online. The application will then be assigned to a case manager. The case manager will then review for eligibility and might ask for additional documentation. Once approved the mortgage services will be paid directly on the homeowner's behalf.
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