Over 4K Helped as Kansas Home Fund Closes
Kansas Homeowner Assistance Fund (KHAF) Concludes Operations After Successful Relief Efforts
Introduction
The Kansas Housing Resources Corporation has officially announced the closure of the Kansas Homeowner Assistance Fund (KHAF), marking the end of a vital emergency program aimed at supporting homeowners amidst the challenges brought about by the COVID-19 pandemic.
Background
KHAF was initiated as a temporary measure under the American Rescue Plan Act, with the primary objective of aiding eligible homeowners in Kansas to bring their mortgage payments up to date and prevent foreclosures during the pandemic crisis.
Achievements
Since its launch in April 2022, KHAF has made a significant impact, disbursing nearly $49 million in assistance to over 4,300 homeowners across Kansas. This assistance spanned across 98 out of 105 counties in the state, illustrating its widespread reach.
Targeted Support
Notably, a substantial majority of those aided by KHAF 93% were households with incomes below 100% of the median income in their respective areas, underscoring the program’s focus on assisting those most in need. Moreover, KHAF worked closely with 275 mortgage servicers to ensure effective delivery of assistance to homeowners.
Comprehensive Assistance
KHAF didn’t just provide financial aid; it also offered additional support services such as HUD housing counseling and legal assistance to homeowners navigating the complexities of mortgage issues and potential foreclosure.
Positive Impact
The impact of KHAF‘s efforts is evident in the data, with foreclosure initiations in the first half of 2023 decreasing significantly to just 34% of the levels recorded in 2019. This decrease is among the lowest observed across all states, highlighting the effectiveness of KHAF‘s interventions in mitigating foreclosure risks.
Closing Procedures
As KHAF concludes its operations, applicants are encouraged to remain vigilant and monitor their scheduled forward mortgage payments through the designated KHAF portal to ensure continued financial stability.
Additional Resources
For those still in need of assistance or guidance, a comprehensive list of housing counseling agencies, legal services, Kansas foreclosure timelines, and loss mitigation options provided by the U.S. Department of Housing and Urban Development is readily available for reference.
Conclusion
The closure of the Kansas Homeowner Assistance Fund marks the conclusion of a crucial chapter in Kansas’s efforts to support its homeowners through the adversities of the COVID-19 pandemic. The success of KHAF underscores the importance of targeted relief programs in safeguarding communities during times of crisis.
