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Home Stimulus – Money for Struggling Homeowners

Homeowners who meet certain criteria can become eligible for stimulus money from the Homeowners Assistance Fund under the terms of the American Rescue Plan Act. They have to:

  • Have a household income of less than 150 percent of the area median income
  • Have encountered financial hardship after January 21, 2020 and be able to prove it. Healthcare costs or a job loss are just two examples.
  • Have a mortgage loan balance of less than $548,250 as of 2021

The money can be used for a variety of home-related expenses including:

– Mortgage payments – Homeowners insurance – Utility payments – Other specified purposes

The HAF fund, established by the American Rescue Plan Act, was created to help homeowners avoid defaulting on their loans, losing utility services, going into mortgage default, or facing foreclosure. The law also specifies that homeowners who have “suffered the most hardships” should be given priority.

How can homeowners get their stimulus money?

The Homeowners Assistance Fund is distributed to the states under the American Rescue Plan Act. A minimum of $50 million will be distributed to each state. At least $50 million will be distributed to Washington, D.C., and Puerto Rico.

Homeowners within the state’s borders will be given information on the application process as well as any specific eligibility restrictions. If you’re interested in applying and hoping to receive more financial assistance from the federal government.

State housing finance agencies (HFAs) have played a critical role in the nation’s affordable housing system for more than 50 years. HFAs provide funds for the purchase, construction, and rehabilitation of affordable homes and rental apartments for low- and middle-income families.

Each state’s HFA was established to address the state’s specific affordable housing needs. To learn more about the programs available and to get answers to your housing finance questions, contact the agency directly.

Only states that choose to participate in the HAF will be given funds to establish state HAF programs, which will be run by state housing finance agencies. Please note that the deadline for states to submit HAF plans or notify Treasury of the date by which they will submit a HAF plan has been extended to July 31, 2021; most state HAF programs are not expected to begin until Fall 2021.

State Housing Financing AgencyWebpage​Participating in HAF?
Alabama Housing Finance Authoritywww.ahfa.com Yes –  apply online
Alaska Housing Finance Corporationwww.ahfc.usYes – under development
Arizona Department of Housingwww.housing.az.gov​​Yes ​– drafting plan
Arkansas Development Finance Authoritywww.arkansas.gov/adfa​​Yes – open to public comment
California Housing Finance Agencywww.calhfa.ca.govYes – expects to begin in the fall.
Colorado Housing Finance Authoritywww.chfainfo.comYes – drafting plan
Connecticut Housing Finance Authoritywww.chfa.orgYes – initial pilot round
Delaware State Housing Authoritywww.destatehousing.comYes – expects to open in August
District of Columbia Department of Housing and Community Developmentwww.dhcd.dc.gov​​inquire with state agency
District of Columbia Housing Finance Agencywww.dchfa.org​​inquire with state agency
Florida Housing Finance Corporationwww.floridahousing.orgYes – drafting plan
Georgia Department of Community Affairs/Georgia Housing Finance Authoritywww.dca.ga.govYes – draft term sheet submitted
Hawaii Housing Finance and Development Corporationwww.hawaii.gov/dbedt/hhfdcYes – expects to begin in the fall
Idaho Housing and Finance Associationwww.idahohousing.com​​inquire with state agency
Illinois Housing Development Authoritywww.ihda.orgYes – expects to begin in the fall.
Indiana Housing & Community Development Authoritywww.in.gov/ihcdaYes – drafting plan
Iowa Finance Authoritywww.iowafinanceauthority.govYes – coming soon
Kansas Housing Resources Corporationwww.kshousingcorp.orgYes – expects to begin late summer
Kentucky Housing Corporationwww.kyhousing.orgYes – drafting plan
Louisiana Housing Corporationwww.lhc.la.govYes – drafting plan
Maine Housingwww.mainehousing.orgYes – expects to begin late summer
Maryland Department of Housing and Community Developmentwww.dhcd.maryland.govYes,  drafted plan
Massachusetts Department of Housing and Community Developmentwww.mass.gov/dhcdYes, drafted plan
MassHousingwww.masshousing.comYes, drafted plan
Michigan State Housing Development Authority www.michigan.gov/mshdaYes – expects to begin in the fall
Minnesota Housingwww.mnhousing.govYes – coming soon
Mississippi Home Corporationwww.mshomecorp.com​​Yes – apply online now
Missouri Housing Development Commission www.mhdc.comYes – coming soon
Montana Housinghousing.mt.govYes – coming soon
Nebraska Investment Finance Authoritywww.nifa.org​​inquire with state agency
Nevada Housing Divisionhttps://housing.nv.gov/Yes – drafting plan
New Hampshire Housing Finance Authoritywww.nhhfa.orgYes – drafting plan
New Jersey Housing and Mortgage Finance Agencywww.njhousing.govYes – expects to begin in the fall
New Mexico Mortgage Finance Authoritywww.housingnm.orgYes – applications​ are being accepted
New York City Housing Development Corporationwww.nychdc.comYes – review draft plan.
New York State Homes and Community Renewalhttps://hcr.ny.gov/Yes – review draft plan.
North Carolina Housing Finance Agencywww.nchfa.comYes – under development
North Dakota Housing Finance Agencywww.ndhfa.org​inquire with state agency
Ohio Housing Finance Agencywww.ohiohome.orgYes – pilot program running
Oklahoma Housing Finance Agencywww.ohfa.orgYes– open for public comment
Oregon Housing and Community Serviceswww.ohcs.oregon.govYes – coming soon
Pennsylvania Housing Finance Agencywww.phfa.org​​Yes – coming soon
Rhode Island Housingwww.rihousing.comYes – plan drafted
South Carolina State Housing Finance Development Authoritywww.schousing.com​​Yes – drafting plan
South Dakota Housing Development Authoritywww.sdhda.orgYes – apply today
Tennessee Housing Development Agencywww.thda.orgYes – coming soon
Texas Department of Housing and Community Affairswww.tdhca.state.tx.us​​Yes – drafting plan
Utah Housing Corporationwww.utahhousingcorp.org​​inquire with state agency
Vermont Housing Finance Agencywww.vhfa.orgYes – expects to begin in the fall
Virginia Housing Development Authoritywww.vhda.comYes – coming soon
Washington State Housing Finance Commissionwww.wshfc.orgYes – drafting plan
West Virginia Housing Development Fundwww.wvhdf.comYes ​– drafting plan
Wisconsin Housing and Economic Development Authoritywww.wheda.comYes ​– drafting plan
Wyoming Community Development Authoritywww.wyomingcda.comYes – drafting plan