CHARLOTTE, N.C. — A new pandemic program offering financial help to homeowners is delivering an average of $13,500 to families in need, but four months in, those dollars are taking longer than expected to arrive.
The NC Homeowner Assistance Fund has approved roughly 1,800 applications since opening the program on Jan. 31, but more than 8,600 applications remained pending as of May 20, according to the North Carolina Housing Finance Agency.
The agency, tasked with managing the $273 million federally-funded program, reports an average payment turnaround of 74 days, which is higher than the goal of no more than 56 days.
"We expect that things will pick up pace and the second round of applications will be much smoother than the first," Executive Director Scott Farmer told WCNC Charlotte. "We very much want to shorten that window."
WCNC Charlotte has talked with homeowners who have waited anywhere from 70 days to more than 100 days for a decision.
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A homeowner who asked WCNC Charlotte to hide her identity said she's waited more than 100 days for the state to make a decision about her application. The woman, asked to be referred to as Melinda, said she's three months behind on her mortgage.
"It's been exhausting, frustrating, a long journey," she said. "It's like, when will I get to the finish line? Time is passing and the bank is calling."
Farmer said the speed of payment has ranged from as quick as 33 days to as long as 114. He said the biggest reason for delays is the time it takes to initially enroll lenders into the program. Farmer said each lender is required to sign an agreement the first time one of its customers applies. He said now 100 of the 400 servicers have signed agreements, and the process is moving at a more efficient pace.
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"The 114 days was one of the first ones and the 33 days was one of the more recent ones, so that shows that there is a lot of movement in here," Farmer said. "It's unfortunate that it took as long as it did. We apologize that it took that long, but we hope that they would understand that they were likely some of the first folks that applied. At the end of the day, we were able to keep them in their homes, which is the ultimate goal and while it may not have been as fast as anybody liked, it certainly served the purpose it was intended to serve, which was keeping people in their homes."
The state expects the program to eventually help up to 20,000 homeowners from every county in North Carolina. Those who meet the eligibility requirements can collect up to $40,000 to help cover monthly home payments, back mortgages, delinquent property taxes and more.
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"We ask for your patience," Farmer said. "It is a process that's being established."
First-time applicants can apply for the program HERE
South Carolina, like every other state, has a similar program. Homeowners there can learn more about the South Carolina Homeowner Rescue Program HERE
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