HB 1200 - Foreclosure Prevention Grants/Rental & Utility Assistance

Industry News,

This bill would provide funding to assist homeowners and rental residents with mortgage and rental assistance from the Federal CARES Act funds. It was Introduced by Reps. Szoka, Saine, Baker, and P. Jones and is moving through House Committees.  The Apartment Association of North Carolina (AANC) had requested this legislation along with the NC Realtors Association and they are currently working with the sponsors on changes to the rental assistance portion of the bill to make sure that all those who need the funds can access them and make the process as seamless as possible.

The bill would:

  • Provide $200 million for the 2019-20 fiscal year from the Coronavirus Relief Fund;
  • Require $100 million of the nonrecurring funds to be provided to the Home Protection Program Fund, and require the Housing Finance Agency to use the appropriated funds consistent with the statutory requirements and limitations with modifications concerning participant eligibility, grants awarded, eligibility evaluation and assistance referrals;
  • Establish eligibility for individuals who are residential property owners in the state, and are experiencing financial hardship or a job loss as a result of the COVID-19 pandemic and unable to make mortgage payments with a household income of no more than 350% of the federal poverty level…to read the full summary of this bill, click here.