LITTLE ROCK, Ark. — New funds are available to help Arkansas homeowners who are struggling to make ends meet.
The Arkansas Homeowner Assistance Fund (HAF) portal is open, and homeowners can now apply for assistance. Arkansas is one of the first states to gain approval and begin taking applications for the fund, which will assist homeowners impacted by the pandemic.
This fund will help prevent delinquent mortgages, defaults, foreclosures, and loss of utilities.
Eligibility is determined by need and household income. To qualify, you must have an annual household income of less than 150% of the median income of your county. For a family of four, that ranges from $81,150 to $112,350 -- depending on the county.
“There's been rental assistance out there for some time, but this is the first time there has been assistance for homeowners – homeowners that are having difficulty paying their mortgages,” Derrick Rose, Arkansas Development Finance Authority spokesperson, said. “We're hoping and we're actually very excited to be able to be one of the first states in the country to open their portal.”
The state has $54 million available.
Hardships include job loss, income reduction, and increased healthcare costs resulting from the pandemic.
Those who qualify will not receive the funds themselves. Instead, the money goes directly to mortgage companies, insurance companies, utility providers, and counties.
Click here to visit the HAF portal, where you can learn more and apply for assistance.