Indiana and Michigan announce resources for renters and homeowners
We are inching closer to the beginning of July, which means rent and mortgage payments are due.
Indiana announced yesterday the Indiana COVID-19 Rental Assistance Program. So what exactly does this mean for you? Let's break it down.
To qualify, a renter has to be unable to pay all or part of their rent due to coronavirus related job loss or a reduction in their income.
Renters can be eligible to receive up to $500 a month for four months, receiving a maximum of $2,000.
Those funds can go to any combination of past due payments since April or current payments.
Landlords need to agree to participate in the program, in order for renters to received the funds.
"They would not be eligible if the landlord agreed not to participate," Housing and Community Development Authority Director Jacob Sipe said. "That's why it's really important right now and from the very beginning is to always whether you are a renter or a homeowner to reach out to your mortgage company or your landlord and inform them of your situation and work on developing a payment plan so that those lines of communication are open. Hopefully in doing that, many of our renters will be able to engage with our landlords and they'll want to participate in this program."
Indiana has set aside $25 million dollars from the CARES Act to create the COVID-19 Renters Assistance Program.
The program will be helping residents from 91 counties with monthly payments and has the potential to help 12,000 households.
"We also have to recognize that the $500 dollars a month is not designed to fully a renter's households monthly payment," Sipe said. "In Indiana, the median rent is $825 dollars. So it's important that the household continues to work with their landlords to make a payment plan, to make those payments. And that's the reason why also though that we're going for four months which I think allows us to go back rent as well. Because we recognize that some of the spike when we started to see some past due started in April."
Indiana Governor Eric Holcomb announced that he would be extending the freeze on evictions through July.
Applications for the program begin on July 13. For information, click
In Michigan, the Department of Insurance and Financial Services has created an online guide for resources to help with mortgage payments.
For that guide and other information, click