Pennsylvania Homeowner Assistance Fund increases funding cap amounts to maximize assistance to homeowners


HARRISBURG, Pa., Nov. 3, 2022 /PRNewswire/ — Even more relief has arrived for eligible homeowners in the Commonwealth who are struggling with their mortgage payments or other housing expenses as a result of COVID-19 pandemic-related financial hardships.

The Pennsylvania Housing Finance Agency (PHFA) announced that it has increased the maximum caps on funding for its Pennsylvania Homeowner Assistance Fund, or PAHAF, administered by PHFA – effective immediately. The Commonwealth of Pennsylvania was awarded more than $350 million in American Rescue Plan Act funds through the U.S. Department of the Treasury’s Homeowner Assistance Fund (HAF).

PAHAF increased its overall program cap on the maximum amount of assistance a household may receive from $30,000 to $50,000. In addition, the maximum cap on delinquent property tax assistance increased from $8,000 to $14,000, and the maximum cap on delinquent utility assistance increased from $8,000 to $10,000. These assistance cap increases will benefit even more eligible households who continue to need help paying their past due mortgage and other homeowner expenses.

Established through the 2021 American Rescue Plan, the fund supports Pennsylvania homeowners whose household income is at or below 150% of the area median income (AMI) and are facing financial hardships as a result of the COVID-19 pandemic. PAHAF provides eligible Pennsylvania homeowners with assistance to prevent and/or ease mortgage delinquencies, defaults, foreclosures, displacement and utility disconnection.

“We have seen the tremendous impact PAHAF has already had across the Commonwealth for the many households that have struggled to cope with pandemic-related financial hardships,” said PHFA Executive Director and CEO Robin Wiessmann. “Implementing these changes ensures that homeowners receive even greater financial support and builds critical housing and economic stability in Pennsylvania.”

Applicants who were previously denied based on former program caps or may not have applied for a specific assistance type because of the previous caps will have an opportunity re-apply or to apply now to receive funding – the PAHAF program is reaching out to these individuals.

Any applicant who already received funding for a specific assistance type will not be eligible for an additional, retrofitted amount for that same assistance. Per the program’s policy, only one PAHAF assistance type can be awarded per household.

For the latest updates and program information, visit http://pahaf.org, which is where homeowners can go to learn more and to start and complete their online applications. They can also contact the PAHAF call center at 888-987-2423 for questions or application assistance. The call center is open Monday through Friday from 8 a.m. to 7 p.m. and Saturday 8 a.m. to 2 p.m.

About PHFA

The Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental housing options for older adults, low- and moderate-income families, and people with special housing needs. Through its carefully managed mortgage programs and investments in multifamily housing developments, PHFA also promotes economic development across the state. Since its creation by the legislature in 1972, it has generated more than $16.7 billion of funding for more than 190,750 single-family home mortgage loans, helped fund the construction of 139,974 rental units, distributed approximately $239 million to support local housing initiatives, and saved the homes of more than 50,660 families from foreclosure. PHFA programs and operations are funded primarily by the sale of securities and from fees paid by program users, not by public tax dollars. The agency is governed by a 14-member board.

Contact:

Mandy McIntyre

mandy.mcintyre@pahaf.org 

Cision View original content:https://www.prnewswire.com/news-releases/pennsylvania-homeowner-assistance-fund-increases-funding-cap-amounts-to-maximize-assistance-to-homeowners-301668064.html

SOURCE Pennsylvania Housing Finance Agency

rt

Source link

The content is by PR Newswire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy