Earlier this month, the City of Aurora announced plans to enact the Aurora Emergency Mortgage Assistance Program (AEMAP) to help homeowners struggling in the wake of COVID-19. The program will assist not only with mortgage payments, but also property taxes, utilities, and  homeowner association fees. 

Who Is Eligible for Aurora Mortgage Relief?

According to the City of Aurora website, those eligible for the mortgage assistance program must meet the following requirements:

• The applicant must be the owner/occupant of a single family home/condo, or a two, three, or four family home. Investor owned properties, such as those with five or more rental units or vacation rentals, do not qualify. 

• The homeowner must have suffered a COVD-19 related financial hardship on or after January 21, 2020. Qualified examples include job loss or furlough, increased healthcare costs, reduced wages, and reduced hours. (There are other scenarios that may be deemed eligible as well. Each application is reviewed case by case.)

• The applicant’s gross income must be at or less than the Area Median Income for the county in which they reside (or resided at the time of the pandemic-related financial hardship).  

• Applicants must have a loan under conforming loan limits at the time of origination or after the most recent refinance. 

What Does the Aurora Mortgage Assistance Program Cover?

The AEMAP covers more than just mortgage payments*. The following are also eligible for assistance under the new program:

• Mortgage reinstatement

• Utilities (including gas, water, electricity, and internet service)

• Delinquent property taxes

• Homeowners association (HOA) fees and Condominium association fees

• Homeowner’s insurance payments
  
  

Applicants can receive up to $40,000 to cover eligible expenses. Please note that this is a one-time assistance only. Once your application has been approved, you cannot re-apply for additional assistance. 

*Your mortgage payments do not have to be delinquent in order to qualify for assistance.

How Does the AEMAP Application Process Work?

The application process for emergency mortgage assistance in Aurora is fairly straightforward. First, you will need to submit a formal electronic application through the Aurora residents portal. Next, your application will be reviewed for eligibility and supporting documentation. You may be requested to submit additional paperwork, which you can upload electronically to your account.

You will be notified via email of your application’s acceptance or denial. The website does not currently specify a turnaround timeframe, so try to be patient while your application is processing. If you are in danger of immediate foreclosure, notify your lender of your pending application and ask them about available forbearance and mitigation options. You can still apply for Aurora’s assistance program even if you are in ongoing forbearance with your lender. 

Once your application is approved, you will send payment details to the City of Aurora. The city will then verify payment amounts and issue funds directly to your lender, utilities provider, etc. 

How Long Do I Have to Apply for Mortgage Assistance in Aurora?

The City of Aurora has allotted $1.75 million to provide in mortgage assistance to its residents. They will presumably accept applications until this amount is exhausted. It is therefore advisable to submit your application as soon as possible. 

If you have any questions about the application process or how to get started, you can call 303-739-7900 or send an email to comedev@auroragov.org. You can also visit https://www.auroragov.org for more information and answers to frequently asked questions. 

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