Public Act No. 24-66 - Emergency Mortgage Assistance Program

• Allows homeowners to apply for emergency mortgage or lien assistance if they are 60+ days delinquent, received notice of foreclosure intent, are in forbearance, or anticipate delinquency due to financial hardship beyond their control.

• Limits total emergency mortgage assistance payments to 60 months (either consecutive or nonconsecutive) with a maximum monthly payment of 28% of 140% of area median income.

• Requires homeowners to make monthly payments to the authority not exceeding 40-45% of aggregate family income (or the ratio from one year before the hardship, whichever is lower).

• Changes repayment of assistance to be deferred until the homeowner transfers title, ceases occupancy, or obtains new mortgage financing exceeding the original debt amount; allows authority discretion on interest accrual starting after the 60-month assistance period.

• Establishes that when funds are unavailable, the authority must post notice on its website to discontinue applications and allow mortgagees and lienholders to proceed with foreclosure without further restrictions under the program.