As I wrote a few months ago, South Carolina homeowners have access to federal funds that have been allocated to assist homeowners in financial distress as a result of the COVID-19 pandemic. It has now been confirmed that the program will include paying debts associated with HOA or condominium assessments, late fees, interest, liens, and foreclosure-related costs.
As anticipated, the State of South Carolina has been awarded $144,650,807.00 by the U.S. Department of Treasury’s Homeowner Assistance Fund (HAF), which was established under Section 3206 of the American Rescue Plan Act of 2021.
What does that mean for an HOA or condominium with delinquent owners?
It means that those owners may be eligible for funds through the program. Here is a link to the program page. Homeowners click on the “Homeowner Application” button to get started with the application. Any party receiving funds (the HOA / condo or any management company or attorney’s office on behalf of the HOA) must also complete an application to receive funds from the program.
For any board of directors, community manager, or management company with more information about the program, contact one of our SC community association attorneys.