The most recent $900 billion stimulus package passed by Congress and signed into law on December 27, 2020 includes several provisions that will affect homeowners and renters:

Rental Assistance
*The law extends eviction protection until January 31 and provides $25 billion in rental assistance for individuals who lost their sources of income due to the pandemic.

*To qualify for rent relief, tenants must meet certain conditions (households cannot make more than 80% of their area’s median income; must be experiencing financial hardship due to the pandemic; and must be at risk of losing their housing).

*The National Low Income Housing Coalition provides a lookup tool to assist renters in finding state and local assistance.

Mortgage Forbearance
*If you have a mortgage backed by Fannie Mae or Freddie Mac, a lender/servicer cannot start foreclosure proceedings against you in the event you are unable to make your mortgage payments until at least January 31, 2021.

*If you have a VA, FHA, or USDA mortgage, foreclosure cannot be initiated before at least February 28, 2021 (but this may vary by loan type or servicer).
*Consult your loan servicer (the company to which you make your monthly mortgage payments) for additional details on mortgage relief programs.

Direct Payments and Unemployment Benefits
*Eligible individuals will receive direct stimulus payments of $600, with families receiving an additional $600 per child.

*Unemployed individuals will receive a $300 weekly federal enhancement in benefits through March 14. The Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation programs, created in the March 2020 CARES Act, have also been extended.

Source

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