Virtual Town Hall on the New York State Homeowner Assistance Fund

State Senators Liz Krueger and Brian Kavanagh Invite You to a
Virtual Town Hall on the
New York State Homeowner Assistance Fund

Thursday, January 6th from 7pm - 8:30pm

Are you a low or middle-income coop shareholder, condo owner, or small homeowner who has been financially affected by COVID-19 and fallen behind in your mortgage, property tax, or monthly maintenance fees? You may be eligible for help from the New York State Homeowner Assistance Fund which will start accepting applications on January 3rd. The Homeowner Assistance Fund is a federally-funded program administered by the New York State Office of Homes and Community Renewal dedicated to assisting small homeowners, condo owners, and coop shareholders who are at risk of default, foreclosure, or displacement to remain in their homes. More details on the program are at the bottom of this email.

On Thursday, January 6th from 7pm - 8:30pm, join Senators Liz Krueger and Brian Kavanagh for a virtual town hall to learn about the Homeowner Assistance Fund, see if you are eligible, and get ready to submit an application. Dina Levy, the Senior Vice President for Homeownership and Community Development at NYS Homes and Community Development, and Rose Marie Cantanno, the Deputy Director of Consumer Protection at the New York Legal Assistance Group, will provide an overview of the new program, explain the types of assistance available and the application process, and answer your questions.
 

You will have the option of joining the event online through Zoom, a webinar hosting service. You will also have the option to view the event online through Facebook. Please note that you do not need a Facebook account or profile to view the event through Facebook. If you do not have access to a computer, tablet, or other electronic device, you can listen in by telephone. 

**Once you register for the event, you will receive a confirmation email with the Zoom and Facebook links, and the call-in information.**

The event will feature a question and answer session with Dina Levy and Rose Marie Cantanno. Attendees will be able to submit questions through Zoom and Facebook during the event but are strongly encouraged to submit them in advance.

Please let us know if you plan to attend by registering at https://tinyurl.com/NYSHAF-Town-Hall.

The Homeowner Assistance Fund town hall is co-sponsored by:
State Senators Brad Hoylman, Robert Jackson, and José Serrano
Assemblymembers Harvey Epstein, Deborah Glick, Dan Quart, and Rebecca Seawright
City Councilmembers Julie Menin and Keith Powers
Manhattan Community Boards 5, 6, and 8

New York State Homeowners Assistance Fund

New York State recently launched the Homeowners Assistance Fund (HAF) to provide up to $539 million to help eligible homeowners (including condo owners and coop shareholders) impacted by COVID to prevent mortgage delinquency, default, foreclosure, and displacement. Applications will be accepted beginning Monday, January 3, 2022. 

 Designed and administered by New York State Homes and Community Renewal (HCR), the NYS Homeowners Assistance Fund (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.

 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 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.

All updated information for the Homeowner Assistance Fund may be found at https://www.nyhomeownerfund.org/ and the HAF Information Call Center may be reached at 1-844-776-9423.  The website also has links to an application guide and a list of documents needed to apply.