Colorado allocated $20 million in federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funds to help homeowners who've been economically impacted by the COVID-19 national emergency. With its CARES Act money, the state set up an Emergency Mortgage Assistance Program (EMAP). This program offers financial assistance to homeowners who need help with their mortgage payments because their income has decreased or they're unable to work as a direct or indirect result of COVID-19.
EMAP provides homeowners with money, paid directly to the lender, to cover mortgage payments. Housing costs in arrears starting on or after March 1, 2020, are eligible for the program.
You can also get help with your current month's mortgage payment and future months. Effective January 1, 2021, applications that are approved for current assistance will result in three months' worth of housing costs, which are paid in one transaction. The payments are for the current month, plus two future months (the two immediately consecutive months). Subsequent applications require another "quarterly" income certification with current documentation. Review these guidelines to get more details on how the program works.
To qualify for mortgage relief from EMAP, you have to meet the below criteria:
To apply for EMAP and get more information, go to the Colorado Department of Local Affairs website. If you have additional questions, you may email firstname.lastname@example.org.
Effective date: June 9, 2020
Updated: November 24, 2021