ST. LOUIS — St. Louis homeowners facing foreclosure now have a lifeline.
On Wednesday, city leaders announced they're moving $500,000 in American Rescue Plan funds to the St. Louis Real Estate Tax Assistance Fund. The money will keep families who owe back real estate taxes from losing their homes.
The St. Louis Real Estate Tax Assistance Fund is a public-private partnership that can provide up to $3,500 in tax assistance to owner-occupants that would otherwise lose their homes due to tax foreclosure.
Organizers say the assistance program will also help stabilize neighborhoods since some homeowners must choose between paying taxes or making much-needed repairs.
The program is a partnership with Collector of Revenue Gregory F.X. Daly, Legal Services of Eastern Missouri, Park Central, Prosperity Connection, and the St. Louis Community Credit Union.
A press release from Mayor Jones' office said more than $4 million in real estate taxes have gone unpaid in the city in the last three years. The $500,000 moved to the St. Louis Real Estate Tax Assistance Fund surpassed the fund's $300,000 fundraising goal for 2022.
Eligibility guidelines for assistance from the St. Louis Real Estate Tax Assistance Fund are as follows:
- Applicant must be a City of St. Louis homeowner imminently facing tax foreclosure (i.e., a foreclosure judgment has been entered for the property);
- Home receiving funds must be applicant’s sole residence;
- Applicant must not have outstanding mortgage debt against the property;
- A foreclosure sale of applicant’s property must be scheduled for the same calendar year; and
- Applicant’s household income must not exceed 100% of Area Median Income (AMI) for St. Louis.
According to the St. Louis Real Estate Tax Assistance Fund's website, more information on how to apply will be provided later this month.