The COVID-19 pandemic has affected millions worldwide, with many struggling to keep up with their mortgage payments due to job losses and reduced income. In response to this crisis, the U.S. government has launched the Homeowner Assistance Fund (HAF) program to provide financial assistance to struggling homeowners.
The HAF program was authorized under the American Rescue Plan Act, signed into law by President Joe Biden in March 2021. The program provides $9.96 billion in funding to states, territories, and tribal governments to assist homeowners struggling to pay their mortgages, property taxes, and other related expenses due to the COVID-19 pandemic.
Under the HAF program, eligible homeowners can receive up to 18 months of mortgage payment assistance, including past-due and current payments, and assistance with property taxes, insurance, utilities, and other related expenses. The program also assists homeowners who are in forbearance or have already lost their homes due to foreclosure.
To be eligible for the HAF program, homeowners must meet specific criteria. They must have experienced financial hardship due to the COVID-19 pandemic, such as a job loss, reduction in income, or increased medical expenses. They must also risk losing their home due to delinquent mortgage payments, property taxes, or other related costs.
In addition, homeowners must meet specific income requirements. The income requirements vary by state and are based on the area median income (AMI). For example, in some states, the income limit for a family of four is $91,000, while in other states, it is $130,000.
To apply for the HAF program, homeowners should contact their state housing finance agency or a HUD-approved housing counseling agency. These agencies can help homeowners determine eligibility for the program and assist them with the application process.
The HAF program is a critical lifeline for struggling homeowners facing financial hardship due to the COVID-19 pandemic. By providing much-needed financial assistance, the program can help homeowners stay in their homes and avoid foreclosure, which can have devastating consequences for families and communities.
Homeowner Assistance Fund is an essential program that provides much-needed financial assistance to struggling homeowners. Suppose you are a homeowner facing financial hardship due to the COVID-19 pandemic. In that case, you should contact your state housing finance agency or a HUD-approved housing counseling agency to determine your eligibility for the program. The HAF program can help you stay in your home and avoid foreclosure, providing much-needed relief during these challenging times.