2020 was a difficult year for many homeowners in Miami, with the impact of the COVID-19 pandemic causing financial hardship for many. To provide relief and support to those affected, the City of Miami implemented the Mortgage Assistance Program (MAP) in March of 2020.
The program, which concluded on December 29th, 2020, was designed to help eligible homeowners in Miami struggling to make their mortgage payments due to the pandemic. The program provided mortgage relief in the form of up to $30,000 in principal, interest, taxes, insurance and homeowners association fees.
In order to be eligible for the program, homeowners were required to have a mortgage loan originated prior to March 1st, 2020 that is in good standing before the start of the program. They must also have experienced a financial hardship due to the pandemic and meet certain income limits.
The program was funded by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, with an initial $6 million allocated for the program. This funding was used to provide assistance to over 1,000 homeowners, with an average of $6,000 given to each homeowner.
The Mortgage Assistance Program was a much-needed source of relief for many Miami homeowners. It enabled them to stay in their homes and avoid foreclosure, providing a sense of security and stability during an otherwise difficult and uncertain time.
The City of Miami is also considering additional programs to provide further assistance to those affected by the pandemic, such as the Emergency Rental Assistance Program, which is set to launch soon.
If you’re a Miami homeowner and have been affected by the pandemic, there are resources available to help you. Visit the City of Miami website for more information on the Mortgage Assistance Program and other assistance programs available.
Local Florida City Home Programs