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Racine launches mortgage assistance program for homeowners impacted by COVID-19

Mortgage Rates
Posted at 7:48 AM, Jan 21, 2021

RACINE, Wis. — The City of Racine has launched a COVID-19 Mortgage Assistance Program to help homeowners who may be behind in mortgage and utility payments due to the coronavirus pandemic.

Funding from the CARES Act, $520,000, will go towards helping eligible homeowners.

“We know that many City of Racine homeowners have been struggling to keep up with their monthly mortgage payments due to pandemic-related economic hardships,” said Racine Mayor Cory Mason. “The City of Racine is committed to helping homeowners weather this crisis and we hope these funds will help relieve some of the financial stress homeowners may be facing during these challenging times.”

To be eligible, the property must be either a single-family home or no more than four units and must be owner-occupied, located in the city of Racine.

The property must be secured by a mortgage and the homeowner's income cannot be more than 80% of the Area Median Income ($61,500 for a family of 4).

For a full list of eligibility requirements, visit here.

Funds will be distributed on a first-come, first-serve basis and are only available once.

Homeowners may be eligible for up to six months worth of mortgage payments, with the funds going directly to the mortgage company.

Homeowners can apply and upload documents here.

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