Congressman David Scott, a Senior Member of the House Financial Services Committee, applauded the introduction of H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, in the House of Representatives as the next coronavirus relief package. Scott welcomed the inclusion of his legislative proposal to establish a $75 billion Homeowner Assistance Fund to offer relief to consumers and prevent foreclosure. This measure reflects H.R. 6729, which Congressman Scott introduced last week as an updated and expanded version of a proposal he originally introduced in March.
“As we all know, homeownership is the foundation of both a family’s economic security, as well as state and local government economic security,” said Congressman Scott. “The foreclosure crisis that began in 2008 devastated families and destroyed middle-class wealth. As Congress acts to address this global health and economic crisis, we must ensure that families have housing security and stability to withstand these troubling times. I am pleased that Congress has introduced this bold legislation to provide aid to the American people, and I applaud the inclusion of broad homeowner relief for our states, DC, and territories.”
Congressman Scott introduced the COVID-19 Homeowner Assistance Fund Act of 2020 in the House of Representatives last week to deliver essential support for homeowners by establishing a $75 billion Homeowner Assistance Fund to aid homeowners across all 50 states, DC, and U.S. territories. Modeled after the Hardest Hit Fund, which provided homeowner relief in the wake of the 2008 crisis, the funds authorized by this bill would support mortgage assistance to struggling homeowners experiencing hardship as a result of the COVID-19 crisis. Specifically, these provisions provide homeowners with direct assistance with their mortgage payments, property taxes, property insurance, utilities, and other housing-related costs. Designed to work alongside CARES Act mortgage forbearance relief and federal loss mitigation programs, the Homeowner Assistance Fund will prevent foreclosures by providing homeowners direct relief.
The HEROES Act is a comprehensive legislative package that provides assistance to state and local governments, protects essential workers, strengthens COVID-19 testing, and provides direct support for workers and families. In addition to the $75 billion Homeowner Assistance Fund championed by Rep. Scott, the HEROES Act provides $100 billion in support for our nation’s renters, ensuring that housing security is a central pillar of the legislation. The HEROES Act also expands nutrition benefit programs to ensure food security for all Americans, extends unemployment benefits, and requires strong, enforceable workplace standards to ensure safety for employees returning to work.