The City of New Orleans releases $2M Notice of Funding Availability for Management of Homeowners Assistance Program

September 17, 2024 | From City of New Orleans

The City of New Orleans releases $2M Notice of Funding Availability for Management of Homeowners Assistance Program

NEW ORLEANS - The City of New Orleans released a Notice of Funding Availability (NOFA) on Sept. 16 for organizations interested in managing a program for qualified New Orleans homeowners experiencing financial difficulties that have been disproportionally impacted by the COVID 19 pandemic and other natural disasters, adversely affecting their ability to keep their mortgage in good standing.

The City's American Rescue Plan Act (ARPA) Department of Administration and Planning will award $2 million to one organization to manage the program and provide mortgage relief over a 14-month grant period ending on or before December 31, 2025. The deadline for organizations to apply for the available funding is Oct. 1, 2024.

The organization selected to administer the program will identify and qualify applicants as low-to-moderate income households, and in need of assistance with outstanding mortgage payments, insufficient escrow balances used to pay homeowner's and flood insurance, and with property taxes. The affected mortgage must be for the recipient homeowner's primary residence and located within Orleans Parish. All other properties will be ineligible.

The selected organization should assist potential program recipients on the mortgage assistance process, assure understanding and acceptance of the program's terms and conditions. A maximum dollar value for each mortgage assistance recipient shall be determined by the selected organization to maximize the number of mortgage assistance recipients and assure fairness to all qualified recipients.

A virtual information session will be held for organizations interested in applying on Sept. 24. Once an organization has been selected, more information will be available on the process for Orleans Parish residents to apply.

For further information and updates on the City's ARPA investments and initiatives, please visit the official website at https://nola.gov/next/arpa/home/.