Governor Larry Hogan yesterday announced the opening of the Maryland Homeowner Assistance Fund to support homeowners with mortgage relief, legal services, home repairs, and housing counseling.
The $248 million in funding will be distributed by the Maryland Department of Housing and Community Development (DHCD).
The largest portion – $171 million – will go towards providing loans to homeowners who have experienced financial hardships.
During the pandemic, many homeowners struggled to keep up with monthly payments.
In 2020, the mortgage delinquency rate in Maryland was 9.7 percent, compared to a nationwide average of 8.0 percent, according to the Federal Reserve Bank of Richmond.
And Maryland’s foreclosure rates were among the highest in the country in 2019, according to Attom Data Solutions.
“The programs we are announcing today through the Homeowner Assistance Fund will help keep Marylanders in their homes and support our state’s economic recovery,” Governor Hogan said in a news release.
The assistance fund will also provide $34 million in grants to help homeowners with property tax, homeowner association, and other types of delinquencies.
Other funding includes $10 million for the WholeHome program; $8 million for housing counseling agencies; $3 million for legal services; and $22 million for program case management and outreach to ensure that residents are aware of the funding.
