Governor Kathy Hochul on Thursday released a statement on more funds for homeowners to stop foreclosures that have been caused by the pandemic. Though the eviction and foreclosure moratorium does not end until early 2022, economically disadvantaged homeowners may still be struggling to pay their mortgage.
“In advance of this approval, we have been preparing an implementation plan to swiftly assist low- and moderate-income, socially disadvantaged homeowners,” Hochul said in a statement Nov. 18.
Her office is now forming a plan to reach out to homeowners who may need this funding the most. They’ll be able to apply for a fraction of the total of $539 million that the U.S. Treasury approved for the state of New York.
This announcement follows the significant assistance that renters will receive as well, announced by the Hochul Administration on Nov.12. Though federal officials have not approved it yet, Hochul announced that they have requested $996 million in additional funding from the U.S. Treasury for renters assistance.
“From the start of my administration, I pledged to get federal rental relief money to New Yorkers still recovering from the pandemic. While New York accelerated getting rent relief out the door and moved from the back of the pack to the front amongst other states, there are still many individuals in need of assistance,” Governor Hochul said in a statement.
Her partners in Congress, Senator Chuck Schumer and Representative Jamaal Bowman and many more applauded the governor for securing additional funding despite the fact that the state of emergency is over.
The Homeowner Assistance functions a bit differently than rental assistance. New York is the first state to be approved for this program, and early recipients of funding in the U.S. have benefitted in many ways. The funding can cover a multitude of bills, like utilities, property taxes and broadband service.
“Our team has been and will remain in close communication with lenders, servicers, and municipal tax authorities, co-operators, and manufactured home owners to ensure this program is successful and that this funding is distributed to New Yorkers in need,” Hochul said.
Once the application is released, landlords who previously had to rely on the state’s Landlord Assistance, created for those who missed out on other emergency funding, will have yet another avenue to get the help they need.