Montana has allocated $50 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, Montana created the Emergency Housing Assistance program. This program offers money to eligible homeowners to cover their monthly mortgage and insurance payments.
Under this program, Montana Housing will pay the difference between 30% of your household's current gross monthly income and your monthly mortgage payment, up to $2,000 a month. The program will pay the funds directly to your loan servicer. But mortgage payments that were due before April 1, 2020, aren't eligible.
Money to pay for hazard insurance is also available. However, hazard insurance assistance is only available to households who pay this expense directly, not if your servicer pays it from an escrow account.
Under this part of the program, Montana Housing will pay the difference between 30% of your household's current gross monthly income and your monthly hazard insurance costs, up to $2,000 per month. The program will pay the funds directly to your insurer.
If your household also owes a monthly mortgage payment, that payment is included in the calculation and the $2,000 per month cap.
To qualify, you must have lost your job or experienced substantial income loss as a result of COVID-19. Homeowners in Montana who are receiving other forms of housing assistance aren't eligible. But even if you're participating in a forbearance program, you're eligible to apply, and you may use awarded funds to bring your loan current.
The amount of assistance you'll get is based on income, household size, and monthly mortgage costs. Household income limits range from $75,000 to $125,000 based on family size. To get an idea of how much you might receive in assistance payments, use the calculator found here.
Generally, assistance will last for two months. Additional months of help are available, subject to available funding, if you complete a monthly Request for Continued Housing Assistance form that attests to your on-going need for assistance. This form will be sent to previously awarded applicants to complete; you don't need to submit a new application.
To apply for assistance from the program, go here. For more information, see the Montana Housing webpage.
If you need help with your application or have questions about the program, call 406-841-2840 (TDD 406-841-2702 or toll-free 800-761-6264) or send an email to Montana Housing.
Effective date: August 6, 2020