NY Launches New Relief Fund for Homeowners

New-York

New York is launching a $539 million relief fund for homeowners who’ve struggled to pay their mortgage due to financial hardship experienced during the COVID-19 pandemic”- stated Governor Kathy Hochul. This funding is coming from the Homeowner Assistance Fund, a federal program. Its purpose is to help homeowners experiencing financial hardship after January 21, 2020. New York is the first state to receive part of the $10 billion planned. This help comes from the Cares Act. Congress passed the Coronavirus Aid, Relief, and Economic Security Act or, CARES Act on March 27th, 2020. “Help is on the way for literally thousands of families hurt by the pandemic,” Hochul said.

Find out if you qualify for these programs here. 

“Many New Yorkers are still recovering from the pandemic, and just like we did for renters, our state is now leading the way to provide much-needed economic relief to vulnerable homeowners across the state,” Governor Hochul said. “We know that the economic pain of the pandemic has been felt disproportionately in rural communities, communities of color, and immigrant communities. This program is a demonstration of our commitment to placing the needs of New Yorkers in need at the heart of our work. We thank the Biden Administration and our entire congressional delegation for securing this critical lifeline. New York is ready to support homeowners in need every step of the way.”

Are You Eligible?

To be eligible for this relief fund for homeowners, applicants must have household incomes at or below 100% of AMI. They also must be at least 30 days delinquent on monthly housing payments for their primary residence. Awards are $50,000.00 per household, as a five-year, non-interest, non-amortizing forgivable loan. Applicants must reside in New York in a single-family home, condominium or cooperative unit manufactured home, or two to four-unit property. Also, the home must be their primary residence. Some potential uses for the funding include mortgage payments, mortgage principal reductions, utility payments, fees, and also liens. They also include property taxes, necessary home repairs, and more.

Find out if you qualify for these programs here. 

New York State Homes and Community Renewal (HCR) administers the NYS HAF. For more information and to be notified when the application process opens, visit the HAF official site. You can also contact the New York State Homeowners Assistance Fund Call Center at 1-844-77-NYHAF. They are open Monday through Friday from 9 a.m. to 5 p.m. The NYS HAF website includes Frequently Asked Questions, a step-by-step application guide, and also a document checklist. The website, supporting materials, and call center are available to homeowners in 10 languages. Languages include Arabic, Bengali, Haitian-Creole, Italian, Korean, Mandarin, Polish, Russian, Spanish, and also Yiddish.

Sustainable Neighborhoods LLC, a non-profit community development financial institution will manage this program and it will be open for applications by Jan. 3, 2022. This organization was selected through a competitive Request for Proposals. In addition, the NYS HAF program is working in partnership with the Office of the New York State Attorney General. Their purpose is to advocate with mortgage lenders and mortgage servicers.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
en_USEnglish