Arkansas HAF has Two New Options for Struggling Homeowners

The Arkansas Home-owner Help Fund (HAF) now consists of two new choices to help householders who’re delinquent on their mortgage funds because of hardships introduced on by the pandemic. 

The primary, Month-to-month Fee Help, relies on eligibility and assists householders with stabilizing their family funds to totally recuperate from the monetary difficulties attributable to COVID-19.

The second, Mortgage Default Decision, assists householders who skilled a everlasting discount in revenue by offering help that can decrease their principal steadiness and obtain an inexpensive fee.

Grants from Arkansas HAF are supposed to stop delinquent mortgages, defaults, foreclosures and lack of utilities. For the reason that Arkansas HAF Program was authorised by the U.S. Treasury in January 2022, greater than 1,508 Arkansas households have obtained assist paying their mortgages that had been late due to COVID-19. Thus far, directors of this system have disbursed greater than $14 million to individuals in want.

“By this program, we’ve helped hundreds of Arkansans who proceed to battle financially from the consequences of COVID-19,” stated Mark Conine, president of the Arkansas Improvement Finance Authority. “These two extra applications will enable us to assist much more individuals keep away from foreclosures and get again on strong monetary floor.”

Residents who qualify can nonetheless apply for funds. To be thought-about eligible for help, householders should have a complete annual family revenue at or beneath 150% of the Space Median Earnings or 100% of the USA Median Earnings – whichever is bigger.

Program members should present they skilled monetary hardship after Jan. 21, 2020, in addition to be late on two or extra consecutive mortgage or utility funds. Hardships embrace job loss, revenue discount or elevated prices because of healthcare or the necessity to take care of a member of the family. 

Owners who’ve obtained help from Arkansas HAF aren’t eligible for the brand new applications. 

READ ALSO: MOUNTAIN VIEW CHIEF OF POLICE, STATE SENATOR DISCUSS CHILD CARE CRISIS