Homeowner Support Program Going to Waitlist
New Hampshire’s Homeowner Assistance Fund: Nearing the End of Federal Funding
Introduction
As the New Hampshire Homeowner Assistance Fund approaches the end of its federal funding, the program is set to transition into a waitlist phase by the week’s end. This initiative, born out of the American Rescue Plan Act, aimed to alleviate the financial burdens of homeownership for New Hampshire residents amidst the challenges posed by the COVID-19 pandemic.
Program Overview
Under the American Rescue Plan Act, New Hampshire received a substantial allocation of $50 million to address homeownership expenses such as utility bills, property taxes, and mortgage payments. Of this amount, $40 million was earmarked for direct assistance programs, while the remaining funds were designated for administrative costs and housing counseling and legal services.
Eligibility Criteria
To qualify for assistance, homeowners must demonstrate that they have been adversely affected by the COVID-19 pandemic and maintain low-income status. The program operates on a first-come, first-served basis, with households eligible for a maximum award of $40,000.
Program Impact
Since its launch in March 2022, the program has distributed $28.5 million to over 2,600 households across the state. Notably, 30 percent of the funding has been directed towards addressing outstanding property tax bills, shedding light on the significant property tax burden faced by New Hampshire residents.
Property Tax Burden in New Hampshire
New Hampshire boasts one of the highest property tax burdens in the nation, surpassing the national average by a significant margin. With the Tax Foundation reporting an average property tax collection of $3,285 per capita in the Granite State, compared to the national average of $1,810, residents grapple with considerable financial obligations to fund municipal and school budgets.
Commitment to Affordable Housing
Despite the impending conclusion of funding for the NH Homeowner Assistance Fund, Rob Dapice, executive director of New Hampshire Housing, reaffirms the state’s dedication to ensuring all residents have access to safe and affordable housing options. As the program enters its waitlist phase, efforts to support homeowners in securing stable housing continue to remain at the forefront of New Hampshire’s priorities.
By blending financial assistance with a commitment to community well-being, the NH Homeowner Assistance Fund has served as a lifeline for countless families navigating the economic challenges exacerbated by the COVID-19 pandemic in the Granite State.
