The Homeowner Assistance Fund Rhode Island Helped 15% of Its Applicants So Far
The Homeowner Assistance Fund Rhode Island (HAF-RI) has helped 15% of its applicants so far and provided them with funds for mortgage arrearages and payments, principal reduction, property taxes, homeowner association fees, condominium association fees, and other housing-related expenses. Currently, the program is suspended as a result of the high volume of applications.
“It certainly points to the fact that many Rhode Islanders, specifically with mortgages, are struggling financially,” he said. “We see applicants who are self-employed, applicants who work for small businesses and we see some applicants who work for large businesses as well.” -said Peter Pagonis, director of homeownership with Rhode Island Housing.
There are specific requirements that must be met to be eligible. The applicant must have an income at or below 150%of the Area Median Income (AMI). They must own and occupy a 1 to 4-unit dwelling located in the territory of Rhode Island. Their financial hardship must be a result of the pandemics that occurred after January 21, 2020. This can include job loss, reduction in working hours, medical bills, etc. Across all HAF-RI programs, homeowners may be eligible for up to 24 months of assistance with a total cap of $50,000.00. These funds are not paid directly to homeowners but to their mortgage servicers, utility providers or other entities owed housing-related costs.
According to the Homeowner Assistance Fund Rhode Island Dashboard, there are 2,948 applications submitted so far, $13,068,202.00 have been approved with an average of $23,848.00 per household.