Westchester Insider: Westchester County Board of Legislators Chairman Ben Boykin 5th District: 1st in the Nation $539 Million NYS Homeowner Assistance Fund To Assist Those at Risk of Foreclosure/Displacement.

 

1st in the Nation $539 Million NYS Homeowner Assistance Fund To Assist Those at Risk of Foreclosure/Displacement.

New York State is the first state in the nation to receive U.S. Department of the Treasury's approval to launch its Homeowner Assistance Fund, a program that will provide up to $539 million to help eligible homeowners avert mortgage delinquency, default, foreclosure, and displacement. Applications will be accepted beginning Monday, Jan. 3, 2022.

Also announced is the launch of the NYS HAF program website, an information call center, and a multi-lingual marketing campaign that will help educate homeowners about the program and ensure all New Yorkers, especially those in non-English speaking households, are ready to apply when the application window opens on Jan. 3, 2022. In addition to the website, residents can contact the NYS Homeowners Assistance Fund Call Center at 1-844-77-NYHAF.

Designed and administered by New York State Homes and Community Renewal (HCR), NYS HAF will target low- to moderate-income homeowners who are behind on mortgage payments, property taxes, water or sewer bills, as well as owners of cooperative or condo units behind on maintenance fees, and manufactured homeowners behind on chattel loans or retail installment contracts.

Eligible applicants may receive financial assistance to catch up on missed housing payments, to reduce mortgage debt to make monthly mortgage payments more affordable, and for homeowners who are unemployed, assistance with up to six months of future housing payments.

Eligible applicants must have household incomes at or below 100 percent of the Area Median Income (AMI) and must be at least 30 days delinquent on monthly housing payments for their primary residence. Awards will be capped at $50,000 per household. Assistance will be structured as a five-year, non-interest, non-amortizing forgivable loan. If the homeowner remains in the home for a period of five years, the loan will be fully forgiven.

In addition, the NYS HAF program is working in partnership with the Office of the New York State Attorney General to advocate with mortgage lenders and mortgage servicers to ensure homeowners are receiving all available relief under federal and state rules. This includes extended mortgage terms, deferment of missed payments or forbearance amounts, and lower interest rates to reduce monthly payments. The program will be managed by Sustainable Neighborhoods LLC, a non-profit community development financial institution selected through a competitive Request for Proposals. Sustainable Neighborhoods has extensive experience administering foreclosure prevention and loss mitigation programs across the state.

The NYS HAF website includes Frequently Asked Questions, a step-by-step application guide, and a document checklist so that applicants know what documentation may be needed to submit their application. The website, supporting materials, and call center are available to homeowners in 10 languages - Arabic, Bengali, Haitian-Creole, Italian, Korean, Mandarin, Polish, Russian, Spanish, and Yiddish.

In addition, HCR has formed a partnership with more than 70 non-profit housing counseling and legal service providers, members of the NY Homeowner Protection Program, who will have direct access to the on-line application portal and who will be able to submit multiple applications on behalf of their clients. The HOPP network will also serve as an outgoing referral network for applicants who request assistance with the application process, or who need urgent legal assistance.