As you may have seen in previous articles by Jim Slaughter and David Wilson, a little over a year ago, the federal Homeowner Assistance Fund established a program, with nearly $10 billion in funds available for states to provide relief to those who were impacted by and suffered due to the Covid-19 pandemic. During its life, this program has provided assistance to homeowners struggling with mortgage payments and homeowners association and condo assessment arrearages.
While the Homeowner Assistance Fund established this program, it was up to each individual State to develop their own plan of how to use the available federal funds, submit the plan, and have the plan approved by the U.S. Treasury. Although South Carolina’s original plan did not include delinquent HOA or Condominium assessments as eligible for assistance, South Carolina’s plan was revised to include delinquent HOA or Condo assessments.
To date, more than $88.75 million in assistance has been provided across South Carolina through the South Carolina Homeowner Rescue Program (SC HRP). Due to the overwhelming success of the SC HRP, the program has begun to wind down and will stop accepting new applications at 11:59 p.m. on Thursday, April 20, 2023. All applications received by this deadline will be reviewed to determine if they qualify for assistance, so long as funds are still available.
If you are a homeowner who may benefit from or be eligible for assistance from the SC HRP, or if you are a homeowners or condominium association that may be accepting funds on behalf of a homeowner, please visit the SC Homeowner Rescue Program website and submit the required information by the Thursday, April 20, 2023 at 11:59 p.m. deadline.
While a waitlist will be available, once the money is exhausted no further payments will be available under the program. For this reason, it is important that anyone hoping for assistance submit their application as soon as possible.
Please feel free to forward this article to other homeowners, community management companies, association Board of Directors, or anyone who may be eligible to take advantage of the federal assistance while it is still in place.
Author: Ian Roberts
Articles have been Reprinted with permission from Black, Slaughter, Black.
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