NY taking applications on $539 million fund to help homeowners avoid foreclosure

Fund provides direct aid for residents at risk of displacement due to financial hardship caused by pandemic

Press Release, Gov. Kathy Hochul’s Office

Governor Kathy Hochul announced that applications are now being accepted for the New York State Homeowner Assistance Fund (NYS HAF), a program that will provide up to $539 million in aid or other direct assistance to help eligible homeowners who are at risk of default, foreclosure, or displacement due to financial hardship caused by the pandemic.

New York was the first state in the nation to receive U.S. Department of the Treasury approval to launch its program.

“For many, buying a home is the greatest source of economic and social stability, and our Homeowner Assistance Fund – the first in the nation to be approved – is a critical tool to help ease the pain of the pandemic felt disproportionately in rural communities, communities of color, and immigrant communities,” Governor Hochul said. “My administration will continue to stand by homeowners, renters and all New Yorkers every step of the way as part of our economic recovery.”

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

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.

HCR is also working in partnership with the Office of the New York State Attorney General’s Mortgage Enforcement Unit to advocate with mortgage lenders and mortgage servicers to ensure homeowners are receiving all available relief under federal and state rules. This may include extended mortgage terms, deferment of missed payments or forbearance amounts, and lower interest rates to reduce monthly payments.

The NYS HAF call center – 844-77-NYHAF (844-776-9423) – will operate Monday through Saturday from 7 a.m. until 8 p.m. to assist homeowners and provide critical information about the program and instructions on how to apply.

The NYS HAF website – www.nyhomeownerfund.org – 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.

Last month, Governor Hochul announced the launch of the NYS HAF program website, an information call center, and a multilingual marketing campaign that is helping educate homeowners about the program and ensure all eligible New Yorkers, especially those in non-English speaking households, are ready and able to apply.

By examining previous assistance state programs, HCR designed a more streamlined application to ensure the process is simple and easy for homeowners to navigate. Efficiencies include:

• Utilizing several industry-standard, third-party verification technologies that confirm applicant identification and/or ownership, and may limit the number of documents that a homeowner needs to provide as part of their application.
• Allowing the application to be started, paused, and resumed later without losing data and information already entered.
• Accepting signed attestations from applicants to minimize the number of documents they will need to submit.