RICHMOND, Va. (AP) — Virginia has launched a statewide Mortgage Relief Program to help homeowners who’ve been financially impacted by the coronavirus pandemic.
Gov. Ralph Northam announced the new program on Thursday. He said the state has received more than $250 million through the U.S. Department of the Treasury to provide relief.
Applications for the assistance will open up on Monday.
The program will be similar to Virginia’s Rent Relief Program which has provided more than $500 million in assistance to more than 75,000 households. The governor’s office said that families with children made up the majority of recipients.
“Virginia is taking aggressive steps to help people stay in their homes,” the Democratic governor said. “Owning a home is the American dream, and this new program will help keep that dream alive.”
Eligible homeowners must have experienced a reduction of income or increase in living expenses after January 21, 2020, the state said. They also must currently own and occupy the property as their primary residence. There also are maximum income limits and other eligibility requirements.