News Summary
Homeowners in California can now apply for financial support through the newly launched CalAssist Mortgage Fund. The program, managed by the California Housing Finance Agency, will help those impacted by natural disasters, including January floods in San Diego, by covering up to three months of mortgage payments. With $105 million in grants available, eligible homeowners can receive a maximum of $20,000 in assistance, which does not require repayment. Applications open on June 12, encouraging prompt submissions to ease the financial stress faced by many.
San Diego, California – Homeowners in California who have suffered damage from natural disasters, including the devastating floods in San Diego in January 2024, can now seek financial relief through the newly launched CalAssist Mortgage Fund. The program, which is being managed by the California Housing Finance Agency, aims to provide critical support to those whose primary residences have been destroyed or rendered uninhabitable due to these events.
The CalAssist Mortgage Fund will distribute a total of $105 million in grants to eligible homeowners. Assistance will cover up to three months of mortgage payments, with a maximum total of $20,000. Funds will be paid directly to the homeowners’ mortgage servicers, and applicants will not be required to repay this financial assistance.
The California Governor’s Office of Emergency Services made the announcement regarding the program, emphasizing the commitment to support homeowners as they work to recover from recent disasters. This initiative aims to alleviate the financial pressure on many homeowners who are struggling to keep up with their mortgage payments on homes that may have sustained considerable damage.
Applications for the CalAssist Mortgage Fund program will be available online starting June 12, 2024. Homeowners are encouraged to apply promptly, as applications will be reviewed in the order they are received. Applying for assistance is free of charge.
To be eligible for the program, homeowners must meet certain criteria. The natural disasters must have occurred between January 1, 2023, and January 8, 2025, which resulted in the destruction or uninhabitability of their primary residence. Additionally, applicants must meet a household income limit based on the combined income of all individuals listed on the mortgage and deed of trust. For San Diego County, the household income limit is set at $172,650.
Eligible properties include single-family homes, condominiums, or permanently affixed manufactured homes, with a limit of up to four units. Homeowners must also have a mortgage or reverse mortgage to qualify. It is essential for applicants to verify that their mortgage servicers are participating in the CalAssist Mortgage Fund program to ensure they can receive assistance.
Homeowners are advised to gather essential documents before applying, including mortgage statements, bank statements, utility bills, homeowner insurance or FEMA claims, and proof of income. For any questions related to the program, assistance is available through a dedicated phone line at (800-501-0019).
Recent assessments indicate that many homeowners affected by new wildfires are facing significant financial burdens while attempting to manage mortgage payments on severely damaged or completely destroyed properties. The CalAssist Mortgage Fund is designed to help ease the threat of foreclosure for those impacted by natural disasters, giving homeowners the necessary time to recover and rebuild.
The introduction of this program highlights California’s commitment to supporting its residents during challenging times. The financial relief offered through the CalAssist Mortgage Fund represents an essential step towards helping homeowners regain stability as they navigate the aftermath of destructive events.
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Additional Resources
- NBC San Diego: California Disaster Mortgage Relief Program
- Wikipedia: Natural Disaster
- Spectrum News: Mortgage Relief Program for Natural Disaster Victims
- Google Search: California disaster relief
- BBC News: California Disaster Relief
- Encyclopedia Britannica: Disaster Relief
- LA Times: Governor’s Mortgage Announcement
- Google News: California natural disasters
- San Diego Union-Tribune: Property Tax Relief for Flood Victims
- Google Scholar: California disaster recovery
- The Conversation: Rebuilding California after Wildfires
