Applications are open for the state’s $ 539 million Homeowner Assistance Fund
New York homeowners facing financial hardship caused by the COVID-19 pandemic can now apply for up to $ 50,000 in relief to avoid foreclosure and pay for expenses like water bills and taxes land.
On Monday, New York residents could start applying for the state’s Homeowner Assistance Fund, which is eligible for homeowners at risk of default, foreclosure or displacement.
The number of requests for money will likely exceed the number of requests that can be funded with the $ 539 million allocated to the program, the state app’s website warned. Requests will be processed in the order they are received, and submitting a request does not guarantee assistance for any particular person or family.
New York became the first state in the county to receive funding through a $ 10 billion federal homeowner assistance fund that was approved as part of the coronavirus stimulus package last spring.
State The Homeowners Assistance Fund is separate the Emergency Rent Assistance Program, which provided funds for the payment of rent and utilities to landlords on behalf of eligible tenants.
Still, the State Owners Assistance Fund is a balm, especially for historically disadvantaged communities, state officials said this week.
Governor Kathy Hochul said the State Homeowners Assistance Fund is an “essential tool to help alleviate the pain of the pandemic being disproportionately felt in rural communities, communities of color and communities. of immigrants “.
“My administration will continue to support homeowners, tenants and all New Yorkers every step of the way as we move forward in our economic recovery,” she added.
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Who can apply?
The program is available to New York residents who also own and live in this home as their primary residence, according to the state’s Homeowner Assistance Fund.
The fund is also open to owners of co-ops or condominium units who are behind on maintenance fees, the state said in a statement. Manufactured home owners behind on household loans, installment sales contracts, or lot rents can also apply.
Where can I apply?
Applications can be submitted to nyhomeownerfund.org. They can also be submitted to the state’s Homeowner Assistance Fund call center, 844-77-NYHAF (844-776-9423).
The requester can speak with a live operator in one of several languages, including Spanish, Arabic, and Haitian Creole. Operators can help submit an application.
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What can the money be used for?
Funding can be used to cover a variety of expenses, including:
- Missed housing payments
- Reduce mortgage debt to make payments more affordable
- Property taxes
- Sewer and water bills
It can also be used by:
- Unemployed landlords, who can access up to six months of future housing payments
- Co-op or condominium owners, who can use assistance for late monthly fees such as maintenance fees or homeowner association payments
Call center employees and case managers can also help applicants determine if they qualify for other mortgage relief.
Do I have to refund the money?
The financial assistance will be structured as a five-year, interest-free, non-amortizing repayable grant, according to the State Homeowners Association Fund website.
The grant will be fully forfeited if the owner does not sell, transfer or refinance within five years of receiving the grant, the state website said. The owner will also have to continue to live in the house during this period.
What is the deadline?
The application period will be open for 30 days. However, if the program is not “fully committed” by the end of this initial window, the application period will be extended by at least one month.
Learn more about the program at www.nyhomeownerfund.org.