The Louisiana Office of Community Development has disbursed over $146 million to nearly 8,000 homeowners for pandemic mortgage assistance through the Louisiana Homeowner Assistance Fund.
“The state of Louisiana was granted $146.7 million so each of those applicants could receive a reward up to $50,000 which was the cap,” said Ginger Moses, Chief Operating Officer with Office of Community Development.
Louisiana received federal funding through $10 billion of American Rescue Plan Act money.
Service providers had to participate in the program for an applicant to be eligible.
Moses says payments went directly to mortgage companies. She says this will impact thousands of Louisianans who struggled to meet mortgage payments during the pandemic.
“These folks would not have been able to maintain their mortgage. They would have ended up in foreclosure and lost their homes. That’s almost eight thousand homeowners in our state that were at risk of foreclosure. There was proof in it with these dollars,” she said.
Moses says the program offered a lifeline to Louisiana residents to help meet their mortgage payments and not lose their homes.
“It was critical to just helping the citizens of this state make it through some of those most difficult times during the pandemic. And we all are very thankful for the funding,” said Moses.
