By Mary Hladky
The city soon will be making available to residents federal funding it will receive to help those who have fallen behind on their mortgages or rent because of COVID-19.
The state allocated Boca Raton $317,332 that it received through the federal CARES Act. The city will oversee a program to distribute the money to eligible residents.
The money must be used for emergency rental assistance and mortgage foreclosure prevention.
To qualify, applicants must be city residents and have household income of less than 120% of area median income, based on household size. A family of four, for example, could have a maximum income of $105,360.
They also cannot have liquid assets over $25,000. They must have financial hardship related to the coronavirus, such as a layoff, furlough or reduction in work hours.
Recipients must have been current on their rent or mortgages as of March 1. Anyone who received similar financial aid though another program is ineligible.
Homeowners can request assistance only for a primary residence with an assessed value of $350,000 or less.
Any money awarded must be paid directly to landlords or mortgage companies.
City Council members agreed to participate in the program on Aug. 24 and will sign an agreement with the state on Sept. 9, after which the money will be sent to the city.
The city will open an online application system on Sept. 23. City officials said that payments will be issued in November and December. All payments must be issued by Dec. 30.
More information on the program will become available after Sept. 9.
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