New York property owners fighting off mortgage foreclosure and delinquency on tax and utility bills during COVID-19 will be eligible to apply for $539 million in federal funding to catch up on their debt and stay in their homes, Gov. Kathy Hochul announced Monday.
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.
Owners of condos and co-ops in the state, as well as other residential properties, will be eligible for funding, officials said.
The governor said owners of one-and-two family homes were hammered along with tenants during the pandemic, with the loss of jobs or family income.
Tenants were able to apply for government aid through the $2.1 billion New York Emergency Rental Assistance Program.
Illegal immigrants also were able to apply for financial assistance through the $2.1 billion Excluded Workers Fund.
“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,” she said.
“We thank the Biden Administration and our entire congressional delegation for securing this critical lifeline, and New York is ready to support homeowners in need every step of the way.”
Eligible 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.
Funding will be capped at $50,000 per household.
Homeowners can apply beginning Jan. 3 at the nyhomeownerfund.org.
The program will 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.