New York State will help struggling homeowners

New York will become the first state in the country to launch its Homeowner Assistance Fund approved by the U.S. Department of the Treasury. On December 6, Gov. Kathy Hochul announced that the program will provide up to $539 million to help homeowners who are behind on mortgage payments or may face foreclosure and displacement. The New York State Homeowner Assistance Fund (NYS HAF) program begins to accept applications on January 3, 2022.

The NYS HAF program will help New Yorkers to catch up on missed housing payments, property taxes, water and sewer bills, and maintenance fees. Homeowners must have household incomes at or below 100 percent of the Area Media Income (AIM) and must be at least 30 days late on monthly housing payments. In addition, the program helps to lower interest rates on a mortgage and reduce monthly payments. Eligible applicants may receive up to $50,000 in assistance per household. 

The financial assistance received through the NYS HAF program is a five-year, no-interest forgivable loan. The loan will be fully forgiven if a homeowner continues to live in a home for five years or more.  Sustainable Neighborhoods, a community development financial institution, will manage the Homeowner Assistance Fund. More than 70 community organizations will be involved in this program to make sure homeowners know about the fund and are able to receive assistance. 

“We are very anxious to get this out to people in need. We have our partners on the ground who are going to make sure that it is available and make sure that every person who applies it will try to lift all the barriers to them. That's why we're going to have this available in 10 languages. That's why we're going to make sure that if someone is not able to apply online, even if they get help from a friend or family member, that there is actually a phone number they can call to apply that way as well,” Gov. Hochul said. 

To learn more, visit the HAF website. 

Resources:

“Governor Hochul Announces First-in-the-Nation $539 Million Homeowner Assistance Fund to Assist Eligible New Yorkers at Risk of Foreclosure or Displacement,” (Governor New York, 2021)

“Governor Hochul Announces First-in-the-Nation $539 Million Homeowner Assistance Fund,” (Governor Kathy Hochul, YouTube, 2021)

“Governor Hochul announces homeowner assistance fund,” (WHEC TV, 2021)

“Video, Audio, Photos & Rush Transcript: Governor Hochul Announces First-In-The-Nation $539 Million Homeowner Assistance Fund to Assist Eligible New Yorkers at Risk of Foreclosure or Displacement,” (Governor New York, 2021)