Arkansas Launched the $54 Million Arkansas Homeowner Assistance Fund
Governor Asa Hutchinson has just announced the opening of the Arkansas Homeowner Assistance Fund (HAF) which will assist homeowners impacted by the pandemic. This program is administered by the Arkansas Development Finance Authority (ADFA), a division of the Arkansas Department of Commerce. Arkansas, as one of the first states to gain approval and begin taking applications, has received $54 million. These funds will be available to Arkansas homeowners based on need and household income.
“We are proud to be one of the first states to launch an application portal for HAF,” said Commerce Secretary Mike Preston. “It’s important that we get homeowner assistance money for people who are trying to make ends meet and avoid default on mortgages. I trust ADFA’s execution of the program that serves thousands of Arkansas.” will do.”
The Arkansas Homeowner Assistance Fund (HAF) will provide funds to prevent delinquent mortgages, defaults, foreclosures, and also loss of utilities. The money will be provided directly to mortgage companies, insurance companies, utility providers, and counties. Keep in mind, the approval process takes 30-45 days.
“The U.S. Treasury approval of the Homeowner Assistance Fund is a big win for our state and Arkansas homeowners in need of relief,” said Gov. Asa Hutchinson. “The COVID-19 pandemic has affected Arkansans across the board, and many have struggled to pay their mortgage and utility bills. This program will not only help those individuals get back on their feet but will also bring benefits to our economy here in the state.”
Who is Eligible for the Arkansas Homeowner Assistance Fund
There are certain requirements that must be met. First, a household income at or below 150% of the AMI or 100% of the US MI, whichever is greater. The maximum total annual household income for a family of four ranges from $81,150.00 to $112,350.00. In fact, this depends upon the county in which they live. Applicants must have experienced a qualified financial hardship due to the coronavirus pandemic after January 21, 2020, or had a qualified hardship that began before January 21, 2020 but continued after that date. Eligible hardships include job loss, reduction in income, or increased costs due to healthcare or the need to care for a family member. Applicants must also own and occupy the home as their primary residence. Furthermore, the property must be located within the state of Arkansas and is not vacant, abandoned, or condemned.
“This program will help thousands of Arkansas residents recover from economic losses they experienced due to COVID-19,” said Mark Conine. “We are committed to guiding applicants through the process and quickly dispersing funds to those that qualify.”
Eligible homeowners can apply through the online portal. So, for more information on the Arkansas Homeowner Assistance Fund program call the ADFA call center at 888.698.0964. Call center hours are 8 am to 5 pm Monday through Friday and also 9 am to 1 pm Saturday.