WASHINGTON, Dec. 5 (UPI) -- Federal officials have set aside $200 million to help homeowners whose residences were damaged by recent hurricanes.
The Department of Housing and Urban Development said Monday it will make mortgage payments for up to one year for disaster victims with mortgages insured by the Federal Housing Administration who want to move back home.
To be eligible for this mortgage assistance, families must have homes that are "repairable" within an "adequate" time and in a presidentially declared disaster area designated for individual assistance. Potential aid recipients must have funds from insurance proceeds, loans or personal resources to complete the repairs and are currently employed or are very likely to return to work within a short period of time.
FHA-insured families in disaster areas whose houses are not damaged, but have lost their source of income as a result of the hurricanes, will also be eligible for this mortgage relief. These borrowers must be able to demonstrate that their primary source of employment was located in an area designated for individual assistance, that they suffered a reduction in income that makes them unable to pay their mortgage and that they are likely to be reemployed within a reasonable period of time.
