15 USC 9058d - Homeowner Assistance Fund

U.S Code last checked for updates: Oct 25, 2025

§ 9058d.

Homeowner Assistance Fund

(a)

Appropriation

(b)

Definitions

In this section:

(1)

Conforming loan limit

(2)

Dwelling

(3)

Eligible entity

The term “eligible entity” means—

(A)

a State; or

(B)

any entity eligible for payment under subsection (f).

(4)

Mortgage

The term “mortgage” means any credit transaction—

(A)

that is secured by a mortgage, deed of trust, or other consensual security interest on a principal residence of a borrower that is (i) a 1- to 4-unit dwelling, or (ii) residential real property that includes a 1- to 4-unit dwelling; and

(B)

the unpaid principal balance of which was, at the time of origination, not more than the conforming loan limit.

(5)

Fund

(6)

Secretary

(7)

State

(c)

Establishment of Fund

(1)

Establishment; qualified expenses

There is established in the Department of the Treasury a Homeowner Assistance Fund to mitigate financial hardships associated with the coronavirus pandemic by providing such funds as are appropriated by subsection (a) to eligible entities for the purpose of preventing homeowner mortgage delinquencies, defaults, foreclosures, loss of utilities or home energy services, and displacements of homeowners experiencing financial hardship after January 21, 2020, through qualified expenses related to mortgages and housing, which include—

(A)

mortgage payment assistance;

(B)

financial assistance to allow a homeowner to reinstate a mortgage or to pay other housing related costs related to a period of forbearance, delinquency, or default;

(C)

principal reduction;

(D)

facilitating interest rate reductions;

(E)

payment assistance for—

(i)

utilities, including electric, gas, home energy, and water;

(ii)

internet service, including broadband internet access service, as defined in section 8.1(b) of title 47, Code of Federal Regulations (or any successor regulation);

(iii)

homeowner’s insurance, flood insurance, and mortgage insurance; and

(iv)

homeowner’s association, condominium association fees, or common charges;

(F)

reimbursement of funds expended by a State, local government, or designated entity under subsection (f) during the period beginning on January 21, 2020

, and ending on the date that the first funds are disbursed by the eligible entity under the Homeowner Assistance Fund, for the purpose of providing housing or utility payment assistance to homeowners or otherwise providing funds to prevent foreclosure or post-foreclosure eviction of a homeowner or prevent mortgage delinquency or loss of housing or utilities as a response to the coronavirus disease (COVID) pandemic; and

(G)

any other assistance to promote housing stability for homeowners, including preventing mortgage delinquency, default, foreclosure, post-foreclosure eviction of a homeowner, or the loss of utility or home energy services, as determined by the Secretary.

(2)

Targeting

(d)

Allocation of Funds

(1)

Administration

Of any amounts made available under this section, the Secretary shall reserve—

(A)

to the Department of the Treasury, an amount not to exceed $40,000,000 to administer and oversee the Fund, and to provide technical assistance to eligible entities for the creation and implementation of State and tribal programs to administer assistance from the Fund; and

(B)

to the Inspector General of the Department of the Treasury, an amount to not exceed $2,600,000 for oversight of the program under this section.

(2)

For States

After the application of paragraphs (1), (4), and (5) of this subsection and subject to paragraph (3) of this subsection, the Secretary shall allocate the remaining funds available within the Homeowner Assistance Fund to each State of the United States, the District of Columbia, and the Commonwealth of Puerto Rico based on homeowner need, for such State relative to all States of the United States, the District of Columbia, and the Commonwealth of Puerto Rico, as of March 11, 2021, which is determined by reference to—

(A)

the average number of unemployed individuals measured over a period of time not fewer than 3 months and not more than 12 months; and

(B)

the total number of mortgagors with—

(i)

mortgage payments that are more than 30 days past due; or

(ii)

mortgages in foreclosure.

(3)

Small State minimum

(A)

In general

(B)

Pro rata adjustments

(4)

Territory set-aside

(5)

Tribal set-aside

(e)

Distribution of funds to States

(1)

In general

(2)

If a State does not request allocated funds by the 45th day after March 11, 2021, such State shall not be eligible for a payment from the Secretary pursuant to this section, and the Secretary shall, by the 180th day after March 11, 2021, reallocate any funds that were not requested by such State among the States that have requested funds by the 45th day after March 11, 2021. For any such reallocation of funds, the Secretary shall adhere to the requirements of subsection (d), except for paragraph (1), to the greatest extent possible, provided that the Secretary shall also take into consideration in determining such reallocation a State’s remaining need and a State’s record of using payments from the Fund to serve homeowners at disproportionate risk of mortgage default, foreclosure, or displacement, including homeowners having incomes equal to or less than 100 percent of the area median income for their household size or 100 percent of the median income for the United States, as determined by the Secretary of Housing and Urban Development, whichever is greater, and minority homeowners.

(f)

Tribal set-aside

(1)

Set-aside

(2)

Allocation and payment

(3)

Adjustment

(Pub. L. 117–2, title III, § 3206, Mar. 11, 2021, 135 Stat. 63.)

cite as: 15 USC 9058d