2022 COVID Health Guidance, Mortgage Program, & Reg. Relief

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On Dec. 30, 2021, the California Department of Public Health (CDPH) issued guidance interpreting the Centers for Disease Control and Prevention’s (CDC) Dec. 27 update to isolation and quarantine guidelines. 

The California Credit Union League has highlighted what is important for credit unions to know in this analysis.

CA’s Mortgage Relief Program Accepting Applications
Gov. Gavin Newsom recently announced that California’s plan to provide $1 billion in mortgage relief grants to tens of thousands of homeowners who have fallen behind on housing payments or reverse mortgage arrearages during the COVID-19 pandemic has been approved by the U.S. Treasury Department.

The California Mortgage Relief Program will help an estimated 20,000 to 40,000 struggling homeowners. Your credit union’s members can scroll down on the program’s website to explore eligibility options. If eligible, they can apply through the application portal.

Program funds are reserved for homeowners in socially disadvantaged and underserved communities often hit hardest by the pandemic. Californians at or below 100 percent of their county’s area median income — and who own a single-family home, condo or manufactured home (permanently affixed) and faced a pandemic-related financial hardship after Jan. 21, 2020 — may be eligible.

Past-due housing payments will be covered in full (up to a maximum of $80,000 per household) with a direct payment to qualified homeowners’ mortgage servicers. The financial support is provided as a one-time grant that qualified homeowners will not have to repay so they can get caught up and have a fresh start. Funding for the program is allocated through the national American Rescue Plan Act’s Homeowner Assistance Fund.

A detailed description of the program can be viewed here. You can also read the Governor’s announcement here.

NCUA Extends COVID-19 Regulatory Relief Through 2022
The National Credit Union Administration (NCUA) recently announced that the board of directors further extended its temporary final rule, which modified certain regulatory requirements to help ensure that federally insured credit unions remain operational and can address economic conditions caused by the COVID-19 pandemic. Read more here.

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