Homeowner Assistance Fund in New Mexico Helps 4,200 Families with $43 Million
New Mexico’s Homeowner Assistance Fund
Introduction
Last week, the New Mexico Mortgage Finance Authority (MFA) announced a significant milestone in its assistance efforts amid the pandemic. Through the New Mexico Homeowner Assistance Fund program, the MFA provided vital support to thousands of households facing financial strain due to the pandemic’s impacts.
Addressing Pandemic Challenges
During the unprecedented challenges of the pandemic, many New Mexicans found themselves grappling with financial uncertainties. Recognizing this need, the Homeowner Assistance Fund program stepped in to offer crucial aid, totaling $43.5 million, to 4,217 eligible households across the state.
Impactful Relief
Isidoro Hernandez, the Executive Director and CEO of MFA, expressed gratitude for the program’s effectiveness in helping homeowners navigate financial hardships and avoid foreclosures. The program’s assistance proved to be invaluable, offering stability and support to thousands of families in New Mexico.
Federal Support
The foundation of the Homeowner Assistance Fund program lies in the support allocated by the U.S. Department of the Treasury through the American Rescue Plan Act of 2021. With $9.9 billion earmarked for states, HAF aimed to alleviate the financial burdens experienced by homeowners as a result of the pandemic.
Comprehensive Assistance
Managed by the mortgage finance authority, the program addressed various aspects of homeownership challenges. From home loan reinstatement to monthly payment assistance, homeowner property taxes, and insurance, HAF provided comprehensive support to eligible households.
Program Conclusion
Despite its significant impact, the Homeowner Assistance Fund program is approaching its conclusion. With no anticipated additional funding from any known sources, the program will cease once all allocated funds have been expended.
Pending Applications
The MFA assures that any remaining funds will be allocated to pending applications submitted on or before March 1st, currently undergoing review. For individuals with inquiries about their pending applications, the MFA offers direct contact via email at housingassistance@housingnm.org or by phone at 505-308-4206.
Conclusion
The New Mexico Homeowner Assistance Fund program emerged as a beacon of hope during the challenging times of the pandemic, offering critical support to homeowners in need. As it nears its conclusion, the program leaves behind a legacy of assistance and resilience for the communities it serves.
