Palm Beach County commissioners announced Friday that it’s time for the second round of funding availability in CARES Act funds.
Commissioners approved the CARES Mortgage Assistance Program on May 15 to speed up assistance to eligible homeowners who’ve suffered a loss of income due to COVID-19, according to a news release. This $20 million allocation for the Mortgage Assistance Program uses a portion of the county’s $261 million allocation from the federal CARES Act approved by Congress.
Funds are awarded as a grant.
Round 2 of CARES Mortgage Assistance will provide up to six months of assistance (not to exceed $10,000), to income-eligible households that are at least one-month delinquent after Feb. 29 in home mortgage, escrow payments (PITI), and/or condominium and homeowners’ association dues, according to commissioners. Payments can only be provided through December 2020.
To qualify, homeowners must show that the costs are directly tied to COVID-19, commissioners said. Additional criteria include but are not limited to income eligibility, the residence must be owner-occupied, the property must be in Palm Beach County, and the assessed value cannot exceed $331,888.
All applications must be submitted online and will be approved on a first-come, first-eligible basis, according to commissioners. The online application is expected to launch Oct. 9 at 8 a.m.