In February 2022, the Texas Department of Housing and Community Affairs introduced a new $842.2 million fund to help Texan homeowners who have been hard hit by the economic consequences of the COVID-19 pandemic. The Texas Homeowner Assistance Fund (TxHAF) is designed to help qualified homeowners who have fallen behind on their mortgage, property taxes, property insurance, or HOA/condo fees.
In order to be eligible for the TxHAF, Texan homeowners need to meet the following criteria:
There are also some additional program requirements for each program within the TxHAF. There are two of these - the Mortgage Program and the Property Charge Default Program. The former applies to defaults on home loans, while the latter includes all other property-related fees, including property taxes.
If you have fallen behind on your property taxes due to COVID-related financial hardship, you could receive up to $25,000 in relief from the fund for property taxes and up to $40,000 on a mortgage.
The fund is designed to prevent 35,000 home losses within the next 24 months and to bring around 13,000 homeowners up to date on their property taxes. At least ten percent of the homeowners who receive assistance from the fund are to be those within the state’s persistent poverty counties.
To apply for help from the fund, homeowners can visit its online portal, where all the necessary forms are available. Once an application is approved, the funds are not paid to the applicant but directly to the mortgage provider or property charge payee, such as the relevant bank, tax authority, or insurance company. You will need to provide valid identification, a past-due statement from the relevant institution, proof of income, and proof of occupancy.
Not all Texas homeowners who are in default on their property taxes will be eligible for relief from the TxHAF. If, for example, you are behind on your property taxes but have an income that is above the median or the property isn’t your homestead, the fund administrators will not consider you. If this is the case, there are still solutions available. A Texas property tax loan from American Finance & Investment Co., Inc. (AFIC) can help you settle your tax liability immediately and give you an easy repayment plan that suits your schedule and budget.
AFIC offers our clients an affordable, hassle-free way to manage their Texas property taxes. We can ensure that your account with the local government tax office is paid in full and will work out a manageable repayment plan for you. AFIC can provide you with an instant quote by completing the form on our homepage. For qualifying properties, we can help you pay off your delinquent taxes and offer you the following benefits:
We pride ourselves on finding solutions to suit the unique needs of our clients. If you would like to discuss our property tax loans, or if you are behind on your taxes due to COVID-related financial hardship but you still do not qualify for relief from the Texas Homeowner Assistance Fund, please contact our experienced team at AFIC today.
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YOUR TAX OFFICE MAY OFFER DELINQUENT TAX INSTALLMENT PLANS THAT MAY BE LESS COSTLY TO YOU. YOU CAN REQUEST INFORMATION ABOUT THE AVAILABILITY OF THESE PLANS FROM THE TAX OFFICE.
If you are over 64 or disabled, don’t get a property tax loan, contact your tax office about a deferral.
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