IOWA, USA — The State of Iowa is launching a new program to help renters and homeowners who are struggling to pay their rent or mortgage due to the COVID-19 pandemic.
It's called the Eviction and Foreclosure Prevention Program.
During Gov. Kim Reynolds' press conference Friday, Iowa Finance Authority Director Debbie Durham outlined the program and eligibility requirements.
For rental assistance, the IFA is allowing payment for up to four months, beginning April 1. Iowans can receive up to $3,200 maximum. This can include two months of arrears, or money that is owed and should have been paid earlier.
Mortgage payment assistance beginning on April 1 is also provided with $3,000 maximum, according to Durham.
To be eligible, you must be a current renter or homeowner who's at risk of eviction or foreclosure due to a documented COVID-19 related loss of income on or after March 17, 2020.
Another eligibility requirement outlined is that a household income may not exceed 80% of the median family income (MFI) limits for the county at the time of the application.
Lastly, anyone applying for this program cannot be currently receiving the $600 additional federal CARES Act stimulus unemployment benefit.
The application can be found by visiting the program's website. Durham noted that assistance will be granted on a first come, first served basis. The program is ready to take in 20,000 applications.
It is critical that all requested information is provided at the time of application, Durham said.
The application will remain open until all funds are exhausted.
WATCH: Complete coronavirus coverage on Local 5's YouTube channel