What you need to know to apply for financial aid – NBC New York
If you’re a homeowner struggling to make mortgage, property tax, or utility payments, Monday marks the first day New York City will accept applications for the nation’s first homeowner assistance fund – a program to help homeowners in difficulty due to the economic fallout from the ongoing pandemic.
The launch comes amid an increase in COVID-19 cases caused by my highly contagious variant of omicron. More than 9,000 New Yorkers are now hospitalized with COVID-19, Governor Kathy Hochul said on Monday, surpassing levels from the January 2021 peak outbreak and reaching levels not seen since May 2020.
Scroll down to find out more about the program and if you are eligible to apply.
What is the New York State Homeowners Assistance Fund?
The $ 539 million New York State Homeowners Assistance Fund (NYS HAF) is a federally funded program dedicated to helping homeowners who are at risk of default, foreclosure or relocation in due to financial hardship caused by the COVID-19 pandemic.
However, the state anticipates that it will receive many more applications than what can be funded by the program. For this reason, requests will be reviewed in the order in which they were received.
The program notes that submitting an application does not guarantee that the applicant will receive financial assistance.
How will the New York State Homeowner Assistance Fund help eligible New Yorkers?
The New York State Homeowner Assistance Fund will provide eligible New Yorkers with varying financial support, including:
- Financial support to settle overdue housing payments that translate into an affordable outcome;
- Access to a call center and case managers who can help you find out any mortgage relief you may be entitled to and how it will affect your future housing payments;
- And referrals to professional housing counselors or legal service providers who are experts in this area.
Who is eligible to apply?
Any homeowner in New York City facing financial difficulty making payments due to the COVID-19 pandemic can apply.
The owners who can apply are:
- Late or forbearance on their mortgage
- In default on a reverse mortgage
- Delay on their property taxes, their water or sewer bills
- Late monthly maintenance fees for your co-op or condo
- Delay on their furniture loans, installment sales contracts or other types of loans for the purchase of housing and / or rental of land
Documents you may need to upload when you apply
You may be required to submit certain documents when applying for financial assistance. These documents include:
- Proof of Ownership / Type of Ownership – This may include the following elements: title deed / deed of concession; Land contract; Land tax bill; Mortgage declaration; Home insurance policy; Cooperative lease (property lease); HOA or Co-op statement; and / or inheritance or will documents
- Proof of identity like a passport; Social security card; Other government issued photo ID; military identity card; Certificate of naturalization; or legal permanent residence card
- Income documents – Where applicable, you may be required to provide proof that you or a permanent member of your household are receiving income-based benefits, including SNAP, HEAP, Public Assistance, or Section 8. If this is not possible ‘not apply, you may be asked to provide income tax returns for all adult members of your hourly job who are filing, or you may be asked to upload all income documents for all adult members of your household, which may include : W2, OR a most recent paycheck or pay stub, OR a letter from an employer stating wages and hours for all adult members of the household; and / or IRS 1099 form for adult household members; and / or Statement of retirement or annuity benefits for all adult household members; and / or Written lease or rent receipts for all rental accommodation.
- Proof of Delinquency – All applicants must provide proof that they are currently past due on monthly housing payments.
For more information:
For more information on the program, or to get started on your applocation, visit https://www.nyhomeownerfund.org/