Find Out Who Qualifies for Homeowner Stimulus So Far in 2022
The US Treasury Department has provided instructions for anyone in the United States who want to apply for the Homeowner Assistance Fund (HAF). Funded by the American Rescue plan, HAF programs offer citizens financial assistance worth roughly $9.9 billion dollars. If they were facing a financial hardship (for example, job loss, reduced income, or increased costs due to healthcare or the need to care for a family member) after January 21, 2020, and had incomes equal to or less than 150 percent of the area median income, homeowners across the country may now be eligible for financial assistance. These funds can be used to prevent mortgage defaults and foreclosures, as well as the loss of utilities or home energy services.
“Homeowners are eligible to receive amounts allocated to a HAF participant under the HAF if they experienced a financial hardship after January 21, 2020 (including a hardship that began before January 21, 2020, but continued after that date) and have incomes equal to or less than 150 percent of the area median income or 100 percent of the median income for the United States, whichever is greater,” explains the US Treasury.
The Homeowner Assistance Fund provides:
- Each state, the District of Columbia, and Puerto Rico get a minimum of $50 million
- $498 million for the Department of Hawaiian Home Lands and Tribes or Tribally designated housing entities
- Guam, American Samoa, the US Virgin Islands, and the Commonwealth of the Northern Mariana Islands will each get $30 million.
“A HAF participant may provide HAF funds only to a homeowner with respect to qualified expenses related to the dwelling that is such homeowner’s primary residence. HAF participants must require homeowners to attest that they experienced financial hardship after January 21, 2020. The attestation must describe the nature of the financial hardship (for example, job loss, reduction in income, or increased costs due to healthcare or the need to care for a family member).”
The Federal Housing Finance Agency, which regulates government-sponsored firms, has also issued instructions on foreclosures and the use of Homeowner Assistance Fund (HAF) money. Fannie Mae and Freddie Mac servicers have been asked to hold foreclosures for 60 days after receiving information on a HAF application.