Starting Monday, February 8, registration will open for a new Emergency Rescue Mortgage Assistance (ERMA) program from the New Jersey Housing and Mortgage Finance Agency (NJHMFA). This is being made possible through a $325 million infusion from the Federal Homeowners’ Assistance Fund that is part of the American Rescue Plan. Under this new program, eligible homeowners can receive up to $35,000 to cover mortgage arrearages, delinquent property taxes, and other housing costs delinquencies for those who were negatively impacted by the pandemic. This can help protect thousands of homeowners from foreclosures and neighborhoods from being impacted.
Free housing counseling will also be available through ERMA to assist homeowners in applying for assistance as well as guide them through all available options, even working with their mortgage companies to get the best possible outcome. The ERMA application portal will open for applications at 9 a.m. on February 8, 2022. Individuals can also call 855-647-7700 for assistance.
To qualify for the ERMA program, homeowners must be New Jersey homeowners with demonstrated COVID-19-related financial hardships occurring after January 20, 2020; own and occupy eligible primary residences; with income below 150% of their Area Median Income (AMI).