The White House on Monday announced $1 billion in relief for the roughly 5.8 million homeowners who lost their homes to foreclosure during the financial crisis.
President Donald Trump said in a statement the relief package includes a $1,500 annual mortgage interest payment, a $50 tax credit for borrowers who repay a loan within 30 days, and other financial assistance.
The president also announced $3.5 million in additional assistance for homeowners with outstanding mortgage debt.
The announcement came as Trump and his administration faced criticism for failing to act quickly on foreclosure relief during the recession, which left millions of Americans struggling with foreclosures and other debts.
In late December, the president signed a sweeping package of mortgage relief that extended the 10-year repayment deadline for most homeowners by a few months, and included a $500 tax credit.
The administration said in the statement Monday that it’s providing additional relief to help homeowners pay off their mortgage debts and “recover the value of their home.”
In addition, the statement said, the administration is providing $1 million to help more than 7 million homeowners with a mortgage loan modification.
The housing administration is also offering $300 per month to homeowners who file for a loan modification, and $250 for any homeowners who seek assistance for unpaid mortgage taxes.
The White House said in December that it would provide additional relief for mortgage holders with mortgage debt, including $2,500 for homeowners who owe more than $1m.
The administration has said the relief will help some borrowers.
The mortgage relief was announced after the House passed legislation last week that would provide $1 trillion in tax relief to the middle class over the next decade, including tax breaks for people making between $250,000 and $500,000 a year.
House Speaker Paul Ryan, a Republican from Wisconsin, had vowed to bring that legislation to the floor for a vote by early January.