A Temporary Mortgage Assistance (TMA) program is offering help for Colorado federal workers on furlough due to the government shutdown. The assistance program also helps those who face a hardship due to a temporary layoff or reduction of work hours.
This new program was drafted to help federal employees who may be in jeopardy of losing their homes from missed mortgage payments due to the shutdown.
The Temporary Mortgage Assistance program, through a partnership with Mile High United Way’s 211 Call Center will provide financial assistance of either 2 months or up to $5,000 maximum to help cover mortgage payments for furloughed workers. The Program began accepting applications for the TMA program January 16th and will continue until the shutdown is over.
Furloughed employees also have at their disposal another program offered by the city of Denver, called the Temporary Rental and Utility Assistance (TRUA) program. TRUA offers up to six months of rent assistance for renters and up to $1,000 maximum in utility payments for renters or homeowners who qualify.
Furloughed workers can also seek help by filing unemployment claims with the state’s Department of Labor and Employment offices. Generally, filing an unemployment claim by “essential” workers (working without pay) is not an option but other furloughed workers have that option of filing for unemployment.
Colorado has had approximately 2,200 federal unemployment claims filed by furloughed workers making up 20% of all claims filed. The department has dedicated nine employees to handle claims from just federal employees. Unemployment benefits can last for 26 weeks, and may be extended another 13 to 20 weeks in if the shutdown were to ever last that long.
Federal employees who participate in the Thrift Savings Plan (TSP) that is available to federal employees and similar to a 401K plan, can make a hardship withdrawal or take out a general-purpose loan. One drawback is a 10% penalty for early withdrawal if the worker is younger than 591/2. Tapping the TSP should be a last resort.
Presently, there are roughly 23,000 federal workers being affected by the partial government shutdown in Colorado. The majority of furloughed workers in our nation live in the District of Columbia and neighboring states of Maryland and Virginia.
Colorado has been reaching out to the furloughed workers with some banks and credit unions offering interest-free personal loans equal to the person’s paycheck, deferred payments and ‘skip-a-payment’ options. Many area restaurants are offering free breakfasts, lunches and dinners. Several museums and other entertainment centers are offering free admission.
If you need assistance with your mortgage, tax, business or other real estate issues due to the government shutdown, Gantenbein Law Firm's attorneys may be able to help. Gantenbein Law Firm can also assist with any Tax, Business, Real Estate, Probate, or Will and Trusts issues not related to the government shutdown. Call 303-618-2122, or visit www.gantenbeinlaw.com.
Colorado has been reaching out to the furloughed workers with some banks and credit unions offering interest-free personal loans equal to the person’s paycheck, deferred payments and ‘skip-a-payment’ options. Many area restaurants are offering free breakfasts, lunches and dinners. Several museums and other entertainment centers are offering free admission.
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