NEW ORLEANS – The City of New Orleans released a Notice of Funding Availability (NOFA) on Sept. 17, to utilize a portion of its American Rescue Plan Act (ARPA) award.
This award will support New Orleans Area low to moderate income homeowners experiencing financial difficulties by covering outstanding mortgage payments, insufficient escrow balances used to pay homeowner’s and flood insurance along with property taxes. A total of $2 million is available to be awarded to one program over a 14-month grant period, ending on or before Dec. 31, 2025. The deadline to apply for the available funding is October 1. A virtual information session will be held for interested applicants on September 24.
The organization selected to administer the program should identify and qualify recipients as low to moderate income and needing assistance to bring their primary home mortgage into good standing to prevent the possibility of foreclosure. All program applicants should have had a qualifying and verifiable event caused by the COVID-19 Pandemic or other natural disasters that adversely affected the applicant’s ability to keep their mortgage in good standing. The affected mortgage must be for the recipient homeowner’s primary residence and located within the confines of Orleans Parish. All other properties will be ineligible.
The selected organization should assist potential program recipients on the mortgage assistance process, assure understanding and acceptance of the program’s terms and conditions. A maximum dollar value for each mortgage assistance recipient shall be determined by the selected organization to maximize the number of mortgage assistance recipients and assure fairness to all qualified recipients. The selected organization shall assure the qualified recipients are low to moderate income mortgage payers with the capability of keeping their mortgage in good standing after the assistance program.
For further information and updates on the City’s ARPA investments and initiatives, please visit the official website at https://nola.gov/next/arpa/home.
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