Relief for At-Risk Homeowners and Renters

While the economy has improved since the height of the pandemic, many households continue to struggle with housing costs. Fortunately, resources are available for at-risk homeowners and renters in need of assistance.

Federal and state governments provide aid for people facing financial hardship to help prevent eviction, foreclosure and homelessness.

The COVID-19 crisis spurred the creation of emergency rental assistance programs, including $25 billion in federal aid distributed in 2020 and 2021. These funds helped over 4.5 million renters pay past due and future rent, allowing them to remain in their homes during a public health and economic emergency.

Although the nationwide program ended, some states still have funds to help renters impacted by the pandemic. For example, Delaware's Mortgage Relief Program assists homeowners behind on payments due to COVID-19. 

Beyond emergency aid, long-standing federal programs promote housing stability. The Rental Assistance Demonstration enables public housing authorities to leverage funding to renovate and preserve affordable housing.

Since 2012, it has generated $11 billion in investments. The Housing Choice Voucher program issues rent subsidies to 2.2 million low-income households. 

States also provide support for vulnerable residents struggling with housing costs. New Hampshire's Housing Relief Program offers short-term aid for rent, mortgages and utilities to prevent homelessness.

Nonprofits like the Housing Consumer Education Center in California educate people about their housing rights and responsibilities.

While the economic effects of COVID-19 persist, resources are available to help at-risk individuals and families remain in their homes. Homeowners and renters facing financial hardship should explore their eligibility for federal, state and local programs.

Housing assistance comes in many forms, including rent subsidies, mortgage relief, eviction prevention and foreclosure avoidance. Maintaining stable and affordable housing is critical, especially for vulnerable groups, during economic downturns.

With the proper relief and support, households can overcome challenges that threaten their housing security.