Nearly 2,000 Applications Sent In For The Homeowner Assistance Fund RI so far
The COVID-19 pandemic has resulted in thousands of Rhode Island homeowners falling behind on their mortgage payments and housing-related expenses. RIHousing’s Homeowner Assistance Fund Rhode Island (HAF-RI) program will help eligible Rhode Island homeowners remain in their homes and is now open for applicants.
Now Open for Applicants!
The Homeowner Assistance Fund Rhode Island has seen nearly 2,000 people apply for mortgage and other relief since the program started in January.
The Homeowner Assistance Fund Rhode Island, or HAF-RI, is funded with $50 million in federal relief money from the American Rescue Plan Act and is aimed at helping those who are financially struggling during the pandemic.
According to Rhode Island Housing, 1,957 people have submitted applications as of Thursday, with 58 applications near approval and 22 approved, for a total of $708,183.27 to be disbursed.
Peter Pagonis, director of homeownership at Rhode Island Housing, said the number of people that have already applied shows people in Rhode Island are in need of financial help.
“It tells us while some sense of normalcy has returned to the economic realities of Rhode Island there is still many people hurting,” said Pagonis.
Eligibility for HAF-RI depends on household income, with limits ranging from $90,850 for a one-person household to $171,300 for an eight-person household. To qualify, a homeowner must own and occupy a one- to four-unit dwelling in Rhode Island; have experienced a financial setback related to the pandemic since mid-January 2020, and have an original mortgage balance below $548,250.
Approved applicants are eligible for up to $50,000 in HAF-RI assistance over a period of up to 24 months. The money can be used for a wide variety of housing-related costs, from mortgage expenses and property taxes to condo fees, utility bills, and insurance premiums.
According to Pagonis, there are 16 staff members who are processing all of the applications. The program will continue until the money runs out or September 2026. But Pagonis said it’s unlikely the money will last that long.
HAF-RI Application Documentation
- Government issued Identification
- Most recent mortgage statement
- Demand Letter or Foreclosure Notice
- Federal Tax Returns
- Household Income Documentation
We understand there may be difficulties in providing all the documentation due to challenges related to the pandemic. Please do not let that discourage you from applying. Once the program opens to applicants, we will provide contact information on where to reach out for information on acceptable document substitutions.
Having all of the above information readily available should allow applicants to complete the application as quickly and as smoothly as possible.
More details about how to apply for HAF-RI assistance are available at www.haf-ri.com. The program is being administered by Rhode Island Housing, a quasi-public agency.