The Arkansas Homeowner Assistance Fund: Aiding Late Mortgage or Utility Payments Because of COVID-19

COVID-19 was a shock to us all. So naturally, it’s unsurprising to find several homeowners in Arkansas defaulting on their mortgage and utility payments. But there’s good news! If you’ve found it difficult to settle these expenses due to financial issues stemming from COVID-19, there’s a potent solution to all your worries — the Arkansas Homeowner Assistance Fund.

If you are having trouble keeping up with your debts, then you should also consider taking a look at this program. Many homeowners have tried and had massive success leveraging a program like this.

This initiative aims to help shoulder your home expenses until you find your feet. However, you must check your eligibility status before getting started.

The Beneficiaries

The Arkansas Homeowner Assistance Fund has eased the lives of so many individuals.

An Arkansas resident — Jimmy M — got infected with the notorious COVID-19 virus in January 2020 (a period when people doubted the disease’s authenticity).

Like the millions who got infected, Jimmy’s life went downhill — emotionally, physically, and financially. Then, the Arkansas Homeowner Assistance Fund came through and settled his mortgage in a period that looked all shades of dark and bleak.

Jimmy M, ever so grateful for the Arkansas HAF’s aid, sent this email:

“Since I first came down with Covid, it has been a battle that many times, I just knew I would lose,” he said in an email. “Your help has changed my world, my wife’s, and my little grandson’s life. I will never be able to show my gratitude for this blessing.”

The Arkansas Homeowner Assistance Fund commenced operations in January 2022 upon US Treasury approval. Since its inception, this fund has financially aided the lives of 955 Arkansas residents who face financial constraints due to the COVID-19 pandemic. A recent report indicates that the fund has issued over $9 million to people seeking financial assistance.

In an interview, Mark Conine, Arkansas Development Finance Authority’s President, reiterated that Arkansas residents had received financial aid from the HAF. He added that while the pandemic facilitated financial, emotional, and emotional turmoil on individuals, the Arkansas HAF was a medium engaged in alleviating these issues.

Another recipient (anonymous) said the financial help from the Arkansas HAF prevented her home from being foreclosed. Her email revolved around these lines:

“I am beyond thankful for this assistance. COVID-19 has impacted my life, from losing my grandmother and uncle to becoming unemployed with no source of income to provide for my 3-year-old son and myself. Just to know that I am not in the foreclosure process is a HUGE burden lifted, and I cannot express how much I greatly appreciate the state of Arkansas and you for all the help in getting my mortgage caught up during this difficult time.”

With applicants rising by the day, see if you qualify for financial aid today!

Do You Qualify?

The Arkansas Homeowner Assistance Fund is available for residents who are behind in payment for their rent, mortgage, and other home utilities. This fund can settle up to 6 months of mortgage payment, thereby eliminating or lessening prior payments.

To apply, you must fulfill these prerequisites:

• Income must be at least 150% below the median value (State) or 100% below the median income nationwide.
• Must own and occupy the property.
• You have proof that showcases your financial hardship starting after January 21st, 2020.
• Your landholding is within Arkansas.
• Defaulted on two or more mortgage or utility payments.
• Financial constraints were caused by family members’ job loss, salary reduction, or healthcare expenses.