New York property owners fighting off mortgage foreclosure and delinquency on tax and utility bills during COVID-19 can soon find relief from their predicament with financial aid from the government.
On Monday, New York governor Kathy Hochul said the Biden administration approved the state’s application to launch the Home Assistance Fund, which will be fueled by money in the $1.9 trillion American Rescue Plan — aka the COVID-19 stimulus package — approved by the president and Congress in March.
Based on the Biden order, owners of condos and co-ops in the state, as well as other residential properties, will be eligible for funding.
Hochul revealed owners of one-and-two family homes were hammered along with tenants during the pandemic, with the loss of jobs or family income can avail of the funds.
“Many New Yorkers are still recovering from the pandemic, and just like we did for renters, our state is now leading the way to provide much-needed economic relief to vulnerable homeowners across the state,” Hochul said in a statement.
“We know that the economic pain of the pandemic has been felt disproportionately in rural communities, communities of color, and immigrant communities, and this program is a demonstration of our commitment to placing the needs of New Yorkers in need at the heart of our work,” Hochul added.
The lady governor in the same statement thank Biden for securing this critical lifeline, and New York is ready to support homeowners in need every step of the way.
To avail of the program, applicants must have household incomes at or below 100 percent of the deemed “Area Median Income” and must be at least 30 days delinquent on monthly housing payments for their primary residence.
To ensure that the funds will benefit many households, funding will be capped at $50,000 per household.
Homeowners can apply beginning Jan. 3 at the nyhomeownerfund.org.
The program will also be administered by the state Homes & Community Renewal agency in partnership with Sustainable Neighborhoods, a not-for-profit dedicated to foreclosure prevention and homeownership preservation.