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Vermont COVID Emergency Mortgage Assistance Program

Published on September 2, 2020

State Agency	Vermont Housing Finance Agency
Program Name	Vermont COVID Emergency Mortgage Assistance Program
Program Description	A new program established to provide financial relief for homeowners who have experienced a loss of income due to circumstances related to the COVID-19 pandemic.
Program Website	vhfa.org
Program Status	Closed to New Applicants
Start Date	07/13/2020
Eligibility Criteria	• Household incomes in the last 90 days must be no more than $21,000 ($24,000 in Chittenden County). • The program is limited to primary home mortgages. • Mortgages must have been entered into prior to March 1, 2020. • Must have missed one or more payments due to COVID-19.
Eligible Activities	Mortgage (may include principal and interest) Mortgage arrearages Mortgage insurance Homeowners Insurance (may include hazard insurance) Property Tax
Direct Recipient of Assistance	Mortgage Servicer
Administration Structure	Applications are submitted directly to Vermont HFA online. Households needing assistance may contact one of Vermont’s Regional Home Ownership Centers, the Vermont Centers for Independent Living, or AALV (an organization that assists new Americans in becoming integrated into their communities).
Maximum Length of Assistance	Up to 6 months, depending on available funds.
Maximum Assistance Available Per Household	Total assistance cannot exceed an amount equal to the lesser of the mortgage balance or six regular monthly mortgage payments.
Household Contribution Requirements	None
Total Applications as of Date	678
Total Household Recipients of Assistance as of Date	273
Funding Source	Coronavirus Relief Funds (CARES Act)
Total Funding Amount of Program	$5,000,000.00
Remaining Funds as of Date	$200,000.00