LOS ANGELES – The Los Angeles County Consumer and Business Affairs department has introduced a Mortgage Relief program for Mom-and-Pop Landlords.
Eligibility
To qualify for the program, you must meet the following eligibility requirements:
- Experienced financial distress due to COVID-19 between March 1, 2020 through March 31, 2023
- In high or highest needs census tracts
- Have not received assistance from the State’s COVID-19 Rent Relief or Mortgage Relief programs
- Have rental properties consisting of 1 to 4 units (Property owner is not required to live in any of the units)
- Property is not located in the City of Los Angeles
- Holds ownership of these properties as sole owner, husband and wife, tenants in common, joint tenancy, living trusts or LLC (so long as no member is a corporation);
- Have owned the property for 12 months prior to the declared state of emergency in March 2020
- Property owner income of up to 120% AMI
- Have a loan balance not to exceed $1,000,000
- Housing cost burden up to 60%
- Have rental/utilities debt owed by tenants as a result of a COVID-19 economic hardship such as Loss of employment or reduction of work hours
- As a condition of receiving grant funding, the property owner must accept the fund as full settlement of rental debt owed by the tenant and not proceed with eviction, including satisfaction of any judgment.
To determine if your rental properties are located in a high or highest-need census tract, CLICK HERE
- Then, select the “need tier” filter located in the top right corner and select “high” and “highest.“ The map will then update, showing eligible census tracts.
Photo source: Depositphotos