April 1, 2021 –
Homewise, a New Mexico homeownership nonprofit, has partnered with the City of Albuquerque to help city homeowners who may be at risk of losing their homes due to a lack of ability to pay mortgages.
The Homewise Emergency Mortgage Assistance Fund was created in 2020 to help homeowners most impacted by the COVID-19 crisis to ensure they can continue to make their mortgage payments and keep their homes. Now, the City of Albuquerque has made a limited amount of CARES Act Funding available through the Fund that is specifically targeted to help Albuquerque residents that had their income directly impacted by COVID-19. The funding can assist homeowners living within the city limits with three months of mortgage payments up to $1,200 per month. Income limits apply and the assistance is only available for a primary residence.
“This funding can help Albuquerque homeowners who are behind on their mortgage payments or who aren’t sure how they will pay their mortgage moving forward,” said Elena Gonzales, Senior Director, Policy & Community Engagement at Homewise. “Homewise is proud of launching this Fund during the uncertainty of 2020 and is pleased to partner with the City of Albuquerque to continue to support homeowners in 2021.”
Providing aid to keep families in their homes, even when they have not been able to keep their jobs, is critical for the safety of those individual families, but also preserves the economic sustainability of the neighborhoods in which they reside.
“Albuquerque has shown its trademark resilience through this pandemic,” said Mayor Tim Keller. “It’s great there’s a light at the end of the tunnel, but we aren’t letting up before the finish line. We’re still working closely with partners to make sure homeowners in our city don’t face the devastating prospect of losing their homes.”
To apply, homeowners should call Homewise at 505-983-9473 or go to: homewise.org/emergency-mortgage-assistance-fund. Representatives are available to help in English and Spanish.
Homewise, Inc. is a nonprofit Community development Financial Institution (CDFI) that works throughout New Mexico to help create successful homeowners and strengthen neighborhoods. Homewise empowers and supports clients on their path to homeownership through each step of the process with financial education and coaching, real estate services, affordable mortgage lending and down payment assistance, refinance and home improvement lending. Homewise strengthens neighborhoods by increasing homeownership through real estate development and disinvested property rehabilitation and revitalizing communities to benefit existing residents. Since its founding in 1986, over 16,200 households have attended their financial workshops. During that time over 5,100 people have purchased homes, over 2,200 have made energy efficient home improvements, more than 730 have refinanced their mortgages and the organization itself has built over 750 high quality, affordable homes.