Applications are now being accepted for the New York State Homeowner Assistance Fund. Gov. Kathy Hochul announced in December that New York state had received the U.S. Department of the Treasury’s approval to launch the program, which will provide up to $539 million to help eligible homeowners avert mortgage delinquency, default, foreclosure and displacement.
“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,” Hochul said.
Designed and administered by New York State Homes and Community Renewal, the program 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, according to Hochul.
The program is also working in partnership with the 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, according to the governor.