PHFA announces launch of PA$350 million homeowner relief fund on Feb. 1
HARRISBURG, Pa., January 29, 2022 /PRNewswire/ — Relief is coming for eligible Commonwealth homeowners who are struggling with their mortgage payments or other housing expenses due to financial hardship related to the COVID-19 pandemic.
The Pennsylvania Housing Finance Agency (PHFA) today announced that February 1 will mark the statewide launch of the Pennsylvania Homeowner Assistance Fund, or PAHAF, administered by the PHFA. The Commonwealth of Pennsylvania received more than $350 million in American Rescue Plan Act funds through the U.S. Treasury Department’s Homeowner Assistance Fund (HAF).
“This program will be a life raft for the growing number of homeowners facing possible home loss and foreclosure due to the financial impact the COVID-19 pandemic has had on their lives,” said the governor. Tom Wolf. “We are pleased to announce that the Pennsylvania Homeowners Assistance Fund is now available to assist homeowners across the state who need it most.”
The fund supports Pennsylvania homeowners whose household income is at or below 150% of the area median income (AMI) and who are facing financial hardship due to the COVID-19 pandemic. PAHAF will use these funds to provide Pennsylvania homeowners with much-needed help to prevent and/or mitigate mortgage defaults, defaults, foreclosures, relocations, and utility disconnects.
“Across the Commonwealth, landlords have struggled to cope with pandemic-related financial challenges,” said PHFA’s executive director and CEO. Robin Wiesman. “The launch of the PAHAF ensures that Pennsylvania owners are getting the support and stability they need more than ever. PHFA has worked diligently to launch this program, and we know it will be critical to keeping Pennsylvanians at home and supporting our state’s economic recovery. »
When PAHAF applications open on February 1st, it will be possible to complete them entirely online, eliminating the need for paper submissions and simplifying the process for applicants. For those who may need in-person assistance with their applications, housing counseling agencies and legal service providers across the state will be available to assist. Homeowners will be able to apply online for PAHAF and view a list of organizations that can help by visiting www.pahaf.org or calling the PAHAF call center at 888-987-2423. The call center will be open Monday through Friday from 8 a.m. to 8 p.m. and on Saturday from 8 a.m. to 5 p.m.
To benefit from this assistance, eligible persons Pennsylvania owners must have experienced a reduction in income or an increase in living expenses due to the COVID-19 pandemic after January 21, 2020 (including an event that started before January 21, 2020 but continued after that date). They must also own and currently occupy their home in Pennsylvania as a main residence. Additionally, the program has specific income requirements to be eligible. To see the full list of eligibility requirements, visit https://pahaf.org/am-i-eligible/.
PAHAF assistance programs available include mortgage reinstatement assistance, term mortgage payment assistance, land charge assistance, and utility payment assistance to avoid displacement. Funds will be distributed directly to mortgage lenders, servicers, utility providers and other authorized third parties, not to homeowners. Owners and other interested parties are encouraged to visit www.pahaf.org to explore PAHAF resources and information.
The Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental housing options for seniors, low- and middle-income families, and people with special housing needs. Through its carefully managed mortgage programs and investments in multi-family housing developments, PHFA also promotes economic development throughout the state. Since its creation by the legislator in 1972, it has generated more than $15.9 billion the financing of more than 186,412 mortgage loans for single-family homes, made it possible to finance the construction of 138,000 rental units, distributed approximately $191 million to support local housing initiatives and saved the homes of over 50,520 families from foreclosure. PHFA’s programs and operations are funded primarily by the sale of securities and by fees paid by program users, not by public funds. The agency is governed by a 14-member board of directors.
SOURCE Pennsylvania Housing Finance Agency